(Sharecast News) - Tube manipulation specialist Tricorn Group announced on Monday that, according to its lending bank, its application for a second draw of its US Payroll Protection Program (PPP) loan, which it made in March, had been approved.
The AIM-traded firm said the loan, totalling $0.7m (£0.5m), was made to protect US jobs and, provided it was used for employee retention, payroll and other eligible purposes, it could apply for the loan to be forgiven, converting it into a grant.
That was the case with the PPP loan it secured in June which, as it had previously announced, was forgiven in full.
"Cash balances as at 9 April totalled £1m, and will increase to approximately £1.5m when this second draw US PPP loan is received, which is expected later this month," the board said in its statement.
At 1234 BST, shares in Tricorn Group were up 16.67% at 7p.
10 Jun 2010 12:56
Small caps round-up: African Diamond, Tricorn, Int'l Brand ...
Botswana focused African Diamonds says approval for the final AK6 feasibility studies is expected at the end of June and the mine remains on target to come on stream during the third quarter of 2011. The company is ramping up exploration on its 100% owned Botswana exploration licences, wit the focu
Read more