31st Dec 2015 07:26
LONDON (Alliance News) - Serabi Gold PLC on Thursday said it has secured a new USD5.0 million short-term working capital convertible loan facility.
The Brazil-focused gold miner said the loan will expire in January 2017 and may be drawn down in three separate installments of an initial USD2.0 milllion, plus two further instalments of USD1.5 million apiece.
The loan has been provided by Fratelli Investments Ltd and will be convertible into Serabi shares at 3.6 pence per share. Serabi shares closed at 2.72p on Wednesday.
The company said the loan will provide it with extra working capital to bring the Sao Chico mine in Brazil into full production.
By Sam Unsted; [email protected]; @SamUAtAlliance
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