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Wolf Minerals Limited arranges covenant waivers for a year

The waivers, amendments and relief are effective immediately.
Wolf Minerals Limited arranges covenant waivers for a year
Wolf has agreed waivers until next year

Devon-based tungsten and tin miner Wolf Minerals Limited (LON:WLFE  ASX:WLF) has arranged loan covenant waivers until next March.

The waivers, amendments and relief are effective immediately.

In January, major shareholder Resource Capital (RCF VI) also provided a standby equity facility of up to £25mln to strengthen the balance sheet during the ramp-up of the  processing plant at the Drakelands mine.

The facility is required to be approved by shareholders for the waiver letter to remain effective.

Russell Clark, Wolf’s managing director, said: "The company welcomes the continued support from its lenders, UniCredit Bank, London Branch, ING Bank and Caterpillar Financial.

“The combination of the waivers and relief from the Letter and the funding support from RCF VI enables the company to focus on the success of Drakelands.

“The company will now seek the required regulatory and shareholder approvals to confirm this support."

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April 20 2016

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