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(Alliance News) - Jangada Mines PLC on Monday said it has cancelled a funding agreement as the sale of its Pedra Branca project progresses.
In September, Jangada agreed a GBP2.1 million financing package to push forward with work at Pedra Branca, located in Brazil's north-eastern Ceara state.
This included a GBP1.1 million fundraise and a 12-month unsecured loan from Celtic Capital Pty Ltd for up to USD1 million. This latter part has now been cancelled, for no fee, and Jangada said this does not impact its funding prospects.
Jangada in late May said it would be selling Pedra Branca to Canada's ValOre Metals Corp for GBP4.1 million in a mixed cash and share deal. It will now focus on the Ptombeiras vanadium project, which is close to Pedra Branca.
Jangada shares were 2.1% lower on Monday at a price of 1.10 pence each.
