Big news up North as the world’s largest polyhalite project just got bigger.
The funding comes from investors introduced by arranged by Brandon Hill Capital, and provides immediate working capital whilst the group awaits revenues from assets in Egypt, talks to creditors and seeks a longer term funding solution.
Over at Landore Resoruces (LON:LAND) the group is to re-assess the lithium potential on its Junior Lake licence after a resurgence of interest of interest in similar deposits in Ontario, Canada.
Follow up drilling at BAM East will start at the end of next month after initial drilling established a 30m wide gold zone, 100m long and down dip that was open in all directions.
Meanwhile, IFC, the investment arm of the World Bank, has further backed Condor Gold (LON:CNR) through exercising a non-dilute clause.
The clause was inserted in 2014 when IFC bought its original stake the Nicaragua-based gold explorer through a £3.5mln investment.
According to an upbeat trading statement issued ahead of the annual general meeting (AGM) on Tuesday, “trading is very good”.
It draws a line under the long running dispute with the investment group.
The work has two main objectives. It will be used to compile a large representative metallurgical sample for the MKF deposit, while there will also be an exploration element to it.
The company told investors it had been in detailed discussions with a number of potential purchasers of R2S before entering into exclusivity with the preferred bidder.
And finally, Caledonia Mining (LON:CMCL) chairman Leigh Wilson is around £19,000 out of pocket after he had to buy back shares in the company sold by his financial adviser without his knowledge.
The Zimbabwe-based gold miner revealed yesterday that Wilson only found out last week his entire stake of 75,200 shares was sold at the end of February for 63 cents each.