Kibo Mining (LON:KIBO) has secured a new short term loan facility with Sanderson Capital Partners for US$500,000.
The cash, available for three months, provides funds whilst the company awaits the release of monies raised in a placing earlier this year via Hume Capital, which is in administration.
Louis Coetzee, Kibo chief executive, said: "Kibo is pleased to have secured the £500,000 loan facility, which will provide the company with short-term cash flow stability and security in a tough market.
“This will support Kibo while we await a definitive date for receiving the £526, 000.00 still held by the administrator of Kibo's former broker Hume Capital, as highlighted in our RNS dated 26 August 2015."
The loan is interest free, though there is a US$150,000 fee in connection with arranging the facility.