(Alliance News) - Ironveld PLC on Wednesday said it had entered into an additional loan facility agreement with Tracarta Ltd.
Ironveld shares were down 16% to 0.080 pence each in London on Wednesday afternoon.
The South Africa-focused mining company previously announced in February two loan agreements with Tracarta worth GBP370,000.
This latest agreement will allow Ironveld to draw a further GBP125,000 on equivalent terms to the existing loans with a six-month term and 11% interest per annum.
Ironveld said proceeds will be used to strengthen its working capital position as the board continues to assess whether additional funding will be required, potentially through the issue of new shares.
The company's chair, John Wardle, has declared a beneficial interest in Tracarta.
By Elijah Dale, Alliance News reporter
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Ironveld (IRON)