LONDON (Alliance News) - EMED Mining Public Ltd Tuesday said it has received a further USD6 million from the unsecured bridging finance facility that it secured in December, meaning that it has no further funds to draw down from the facility, which piles on the pressure on the company to secure a long-term financing solution from some of its shareholders.
In December, EMED said it had secured a USD30 million unsecured bridging finance facility with Trafigura Beheer BV, Orion Mine Finance, and Hong Kong Xiangguang International Holdings Ltd, an affiliate of Yanggu Xiangguang Copper Co Ltd.
EMED had already drawn down USD24 million from the facility by the end of March, and on Tuesday said it has now received the last USD6 million.
"We continue to work with all parties, and this further show of support from our cornerstone investors is very pleasing," said Alberto Lavandeira, chief executive of EMED.
EMED is currently reliant on the unsecured bridging financing facility whilst it tries to secure long-term funding from some of its major shareholders. In March, EMED asked for an extension to repay the loan and made a request to draw down the remaining USD6 million.
EMED shares were up 2.7% to 3.85 pence per share on Tuesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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