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Sunkar shares soar as raises new funds

Published: 19:31 07 Apr 2014 AEST

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Sunkar Resources (LON:SKR) shares surged Monday after it raised $1.28mln through issuing loan notes to significant shareholder Sun Avenue Partners Corporation.

It comes after the stock plunged earlier this month after the mining firm warned it faced significant financial uncertainty.

Sunkar will use the funds from the 1.28mln convertible notes to make the overdue payments on the ACB bank loan and for general working capital, it said.

The firm believes the money will provide sufficient working capital until additional earth moving contracts can be agreed.

Sunkar has operated at a loss for the year so far and said on April 2 it had cash of  $57,000, which was $348,000 below budget due to delays in receipt of payment for existing earth moving contracts, the delays in agreeing a further earth moving contract and the economic effects of the Tenge devaluation. 

Shares added 21.07% to 2.27p.

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