Bluebird Mining Ventures (LSE:BMV) shares traded higher on Friday, rising 9%, after it announced a £2 million investment agreement with Skylake Management LLP.
The funding will be via a convertible loan facility, priced at 2p per share, carrying zero interest and maturity set for 31 December 2026.
"I am delighted to execute the investment agreement that demonstrates my support for BMV and my personal commitment to our unfolding strategy," said chief executive Sath Ganesarajah.
The transaction is deemed to be a related party deal, as Sath Ganesarajah is also a member of Skylake Management. Terms of the financing were reviewed and approved by Bluebird’s non-executive directors in line with market regulations.
In London, Bluebird shares rose 9.43% changing hands at 1.45p.