21st May 2014 10:38
LONDON (Alliance News) - Wolf Minerals Ltd Wednesday said it all the conditions attached to its recent AUD182.7 million, or GBP99.2 million, fundraising had now been satisfied.
The company raised the money in a placing in March and said it would use the money to pay off an existing bridge finance facility as well as giving it the money it needed to finish its Hemerdon tungsten and tin project in Devon, UK, and fund the project through to positive cashflows.
Last month, the company said it expects to start production in 2015, and forecast annual tungsten production of 3,500 tonnes.
Wolf Minerals shares were down 3.8% at 16.12 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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