(Alliance News) - Power project developer GCM Resources PLC on Monday said it has secured a GBP1.2 million increase to its existing loan facility of GBP2.3 million with Polo Resources Ltd, raising the total loan amount to GBP3.5 million.
Under the new revised loan facility, GCM will be able to draw down the GBP1.2 million in equal quarterly instalments of GBP300,000.
GCM plans to use the increase loan facility to progress on its partnerships with PowerChina, Power Construction Corp of China Ltd and China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd for the development of Phulbari coal & power project in Bangladesh.
Shares in GCM were up 6.7% at 12.80 pence each in London on Monday morning. Polo Resources shares were untraded at 3.53p each.
By Tapan Panchal; tapanpanchal@alliancenews.com
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GCM Resources (GCM)