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Noventa in peril unless new funding is agreed

Published: 09:25 23 Jul 2012 BST

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Troubled tantalum miner Noventa (LON:NVTA) stumbled again as it warned unless it agrees a new funding deal with its main shareholder it could become insovent.

The group is seeking an extra US$35mln of funding but conceded today there was no prospect of using equity finance as part of the package.

The company is now attempting to arrange a secured loan from a syndicate of lenders that includes its current lender and major shareholder Richmond Partners.

Failure to reach agreement to extend its current US$10 mln loan facility or for a longer term funding package could "see the company become insolvent". it said.

Noventa has been hit by operational issues at its Marropino tantalum mine in Mozambique. The shares have fallen from over 20 pence in January.

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