Proactive Investors - Run By Investors For Investors

Cradle Arc suspended as loan deal falls through

The board is seeking insolvency advice, said the statement
copper
Copper mining at Mowana has been suspended

Botswana-based copper miner Cradle Arc PLC’s (LON:CRA) future was placed in severe doubt last night after a proposed US$4mln loan fell through.

Mining at the Mowana site has been suspended with trading in the junior’s shares also halted.

READ: Cradle Arc ticks up as it hails “vote of confidence” in Mowana project with working capital extension

Fujax Minerals provided US$1mln of the loan but wanted security over Mowana for all of its loans before it would provide the remainder.

Other secured lenders with a charge over the mine were not willing to agree to this, said Cradle Arc.

The board is seeking insolvency advice, said the statement.

 

View full CRA profile View Profile

Cradle Arc PLC Timeline

Related Articles

1560864702_shutterstock_249210421-(1).jpg
June 18 2019
Chaarat is looking to expand the resource at Tulkubash
Nigeria
April 15 2019
Thor has just secured US$54mln in senior debt financing for the development of the Segilola project in Osun state, approximately 120 kilometres north of Lagos
gold
March 29 2019
Latest forecast is for 2019 production to rise to between 80-84,000oz

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use