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African Eagle shares lifted as agrees new loan facility

Published: 17:31 17 Jun 2014 BST

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African Eagle Resources (LON:AFE) shares moved higher as it agreed a new loan facility with the chief executive and chairman of the company for £365,000.

The unsecured loan will be used for working capital and is available for draw down until Nov 30 2015.

The interest rate is 5% a year.

The facility and accrued interest is repayable on the earlier of December 31, next year, or the completion of a successful fundraising, the firm said.

On May 30 this year, African Eagle said chief executive Nick Clarke and chairman Kola Karim had been appointed to the board.

African Eagle shares moved 11.94% higher to 0.375p.

 

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