LONDON (Alliance News) - Kemin Resources PLC Tuesday said it is in discussions with Zadessa Ltd regarding the repayment of a USD306,000 loan which was extended to its Kazakh subsidiary, as the loan may not have been deferred to December 25, as previously disclosed in the company's AIM admission document in February 2013.
The tungsten exploration firm said the deferral was not authorised by an appropriate employee or agent of Zadessa.
The tungsten exploration and development company said it is therefore currently in discussions with Zadessa to repay the loan in short order and "has sufficient resources under its working capital facility and related arrangements with Amrita Investments Ltd to do so."
Kemin said it is investigating the circumstances of the deferral and intends to pursue legal action against the persons involved at the time.
The stock was trading at 918.79 pence, Tuesday morning, down 11.21 pence or 1.2%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.