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Avesoro Resources majority shareholder funds company with US$35mln loan

“The turnaround in operations since the changes in management and control of the company in July 2016 has been very impressive"

Gold and dollars
The shareholder owns 73.5% of the company

Avesoro Resources Inc (LON:ASO) has landed a US$35mln loan from its majority shareholder, Avesoro Jersey Limited, as the company continues its turnaround.

The loan from the shareholder, which owns 73.5% of the company, can be drawn-down in multiple tranches up until the end of 2020. It carries interest of 3.5% per year, and it is due to be repaid in full by the end of 2022.

Some US$16.6mln has now been drawn down by the company.

Loudon Owen, Avesoro Resources’ lead director, said: “The turnaround in operations since the changes in management and control of the company in July 2016 has been very impressive.

“This additional funding facility from our major shareholder provides the company with additional flexibility to further reduce costs, maximise margins and accelerate the elimination of legacy issues.

“This additional support from our majority shareholder clearly underlines their commitment to the long-term success of Avesoro Resources."

Quick facts: Avesoro Resources

Price: - -

AIM:ASO
Market: AIM
Market Cap: -
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