Independent Resources plc (LON:IRG) has secured £200,000 of additional capital, via an issue of convertible loans.
The funding comes from investors introduced by arranged by Brandon Hill Capital, and provides immediate working capital whilst the group awaits revenues from assets in Egypt, talks to creditors and seeks a longer term funding solution.
Greg Coleman, IRG chief executive, said: "I am pleased that the company has secured additional short term working capital as we continue to work towards putting the company on a sounder longer term financial footing.
“The loan arrangements give IRG flexibility of conversion and will provide an important bridge to allow us to progress to collection of revenues in Egypt and advance other initiatives for the benefit of shareholders.
“We look forward to updating the market on our progress on these initiatives as they develop."