Sign up Australia
Proactive Investors - Run By Investors For Investors

Cove Resources secures $5 million debt facility for Finland titanium project

Cove Resources secures $5 million debt facility for Finland titanium project

Cove Resources (ASX:CVE) has secured an in-principle approval for a $5 million debt facilty that will help with the completion and acquisition of bankable feasibilty study at Koivu titanium project in Finland.

The debt facility comes after RMB Resources successfully completed the due diligene on the Koivu titanium project.

The facility is subject to completion of a number of conditions precedent including final credit approval which is expected in late March 2013 and completion of formal loan documentation.

The funds will be drawn down in two tranches with $3.0 million available at closing and the balance of $2.0 million subject to the completion of an equity raising of $3.0 million.

The loan documentation and condition precedent signoffs are likely to be completed before 15 April 2013 when the tranche two acquisition payment of Euro 850,000 is due.

Last July Cove Resources had unveiled the plan to acquire Cove Finland Oy, which gave it control of the Koivu titanium project for a total consideration of Euro 9 million.

The Koivu titanium project could lead Cove to become a major producer of high quality titanium feedestock in Finland.

Cove has already secured shareholder approval for the issue of the securities

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.





Register here to be notified of future BID Company articles
View full BID profile View Profile

BidEnergy Ltd Timeline

Newswire
June 28 2017

Related Articles

Royal Road Minerals' Nicaraguan ambitions starting to take shape
September 07 2017
Caza, which it has now bought, controlled land in the highly prospective but undeveloped gold belts of Nicaragua
PureCircle---Field-of-crops.png
July 12 2017
Harvest Minerals is now completing tests on KPfértil and should secure full certification by the end of the year
Danakali-Paul-Donaldson-MD-presenting-Melb-Feb-2017.jpg
February 24 2017
Paul Donaldson discussed with investors the Tier 1 Colluli Potash Project.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

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