LONDON (Alliance News) - Spain focused gold and tungsten explorer Aurum Mining PLC said on Thursday it has entered into a convertible loan agreement with Chairman David Williams to fund its gold portfolio in north-west Spain.
Aurum Mining said the value of the loan is GBP50,000, is unsecured, accrues no interest, and has no fixed repayment date. The loan is convertible at the price at which equity in the company is next issued.
Aurum Mining said Williams also has bought 1.0 million shares at 0.76 pence per share on Thursday. Following the transaction, Williams now has a 29.7% stake in the company.
Aurum Mining shares were up 20% at 0.90 pence on Thursday afternoon.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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