LONDON (Alliance News) - Hunter Resources PLC on Monday said it has signed an interim funding agreement with its largest shareholders split across two tranches.
Hunter said Marine Investments (WA) Pty Ltd, which owns a 27% stake in the company, will provide a total of GBP150,000 in two parts.
The first, GBP50,000 loan will carry an 8.0% annual interest rate and is for a term of three months. The second, GBP100,000 tranche is for two years and will carry the same interest rate.
The GBP100,000 second tranche is convertible into Hunter shares at 0.157 pence per share. Hunter shares were trading at 0.188p early Monday, down 1.1%.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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