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(Alliance News) - Amur Minerals Corp on Thursday said it has secured a GBP1.5 million fixed term loan note from Plena Global Opportunities LLC.
The funds will be used to complete the Russian feasibility study for the Kun-Manie nickel-copper sulphide project located in the far east of Russia.
The loan note consists of three advances of with the initial advance of GBP500,000 being withdrawn by the company. A second advance of GBP500,000 is available after three months and a final advance of GBP500,000 is available after six months by mutual consent.
Amur Chief Executive Robin Young said: "This staged funding will allow us to continue toward the completion of the permanent conditions TEO due for completion in the fourth quarter this year."
TEO is the Russian equivalent of a feasibility study.
Shares in Amur were down 25% at 1.20 pence each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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