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(Alliance News) -Â Bluebird Merchant Ventures Ltd on Tuesday said it expects to receive funding for its South Korean projects in July.
Bluebird in March said it had entered into a USD5.0 million funding agreement with an undisclosed South Korean company. At that time it expected to update the market in the coming weeks with further detail, but said there could be no guarantee that this would be successful.
On Tuesday, though, it said the South Korean company has successfully completed its due diligence and has advanced to the point at which financing terms will be confirmed shortly.
"The financing, if successful, is expected to be received by the end of July. Whilst the company remains optimistic for a successful conclusion to the funding path there can be no guarantee of such," said Bluebird.
Upon receipt of funding, the South Korean projects will progress to production as announced previously with initial mining commencing in six months and gold production some three months later.
Shares in Bluebird closed up 1.3% at 4.05 pence in London on Tuesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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