EMED Mining (AIM: EMED) announced that subsequent to arranging a £10 million standby facility (SEDA) with Yorkville Associates, the company has set up a £250,000 draw down facility. Under the terms of the SEDA, the £250,000 raised, involved issuing 1,155,268 new ordinary shares in EMED.
EMED has also entered into a new loan arrangement with YA Global Investments to raise a further US$4.7 million. YA Global is to have rights to 1.0 million options for unissued shares exercisable at 50 pence per share within four years.
This has been done to provide more funding flexibility for the EMED as it woks towards the reopening of the Proyecto de Rio Tinto mining centre in Spain.
Harry Anagnostaras-Adams, MD of EMED Mining said:
"EMED Mining continues to steadily build its confidence that the Proyecto de Rio Tinto copper project in Spain will proceed and will be worthwhile for all stakeholders in Andalucia and for a metal-starved world. The continued refinement of our financing capacity and support shows that our preparations are falling into place as the project advances"