RNS10 Oct 2023 12:34
"This first US$1 million received is of significance firstly because it is completely undilutive funding for Blencowe and its shareholders, and secondly because it solidifies the critical strategic relationship that has been developed between our Company and the DFC. I would like to emphasise once again that the Grant Agreement with DFC does not require Blencowe to match funds input by them. Their US$5 million funding is provided via this initial mobilisation tranche and thereafter by further tranches that are paid upon Blencowe achieving as-agreed milestones, which are all key deliverables within the DFS program. We are already well advanced in our achievement of the next milestone which would access and release another US$1 million payment from DFC."