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Ferrex agrees short term facility for up to £300,000

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Alexander Nubia’s flagship project, Hamama VMS, has a number of characteristics that are similar to other major VMS deposits in the Arabian Nubian Shield

Manganese and iron-ore focused firm Ferrex (LON:FRX) unveiled a short term finance facility of up to £300,000 to be used for working capital until the mining licence at the Nayega project in Togo comes through.

This milestone is expected soon, the firm said on Monday in a brief statement.

The unsecured facility may be drawn down by the firm on demand and is underwritten by a consortium that includes managing director David Reeves.

The loan carries interest at 10% a year on the amounts drawn down and is repayable at the company's discretion.

At the end of October, Ferrex revealed that the environmental permit at the Nayega manganese project, in which Ferrex has an 85% stake, had been granted.

The environmental permit sets the conditions for the operation of the mine and paves the way for the granting of the mining permit, which is expected by the end of the year, the firm said.

The company also revealed it has received extensions on its prospecting permits after relinquishing 50% of the 92,000 hectare area as per the mining code. These permits have been renewed for two years and are renewable for one more period of two years subsequent to this.

The company is applying for additional ground in the area to maximise the possibilities of further exploration success at the asset, which is based in northern Togo.

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Price: 0.205 GBX

AIM:KRS
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Market Cap: £5.12 m
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