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Cradle Arc PLC

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.

 

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Market: LSE
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Cradle Arc PLC renews two prospecting licences 'with significant potential'

Kevin van Wouw, chief executive of Cradle Arc Plc (LON:CRA) tells Proactive's Andrew Scott they've renewed prospecting licences for an area north of its Mowana copper mine in Botswana. He says two renewals have been granted by the Botswana Ministry of Minerals, Energy and Water Resources...

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