LONDON (Alliance News) - Arian Silver Corp on Monday warned there can be no certainty about the outcome of its financing talks, as it said its mining contractors have confirmed their "on-going support pending a definitive conclusion".
The silver mining company, which focuses on the silver belt of Zacatecas, Mexico, said it had USD223,000 in net working capital on September 4, composed of USD745,000 in cash and USD48,000 in accounts receivable, minus USD570,000 in trade payables.
Those amounts exclude accrued income and expenditure, and the receivable balance at the end of August of USD2.2 million in respect of IVA, which is Mexican sales tax, of which USD338,000 is expected to be received in the fourth quarter of 2015.
"The company will provide an update in respect of its working capital position and developments in its financing discussions, in due course," Arian said in a statement.
Shares in Arian were down 4.5% at 7.88 pence late Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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