RE: Pulled Funding22 Nov 2018 12:09
nov 19th 2018 ..latest not 4 years ago !!! from steel guru website
Bellzone Mining remains in talks to raise funds
Bellzone Mining PLC said that it remains in talks to raise further funds but at present there has been no definitive agreement entered into to provide further working capital. The stock closed down 34% on Thursday at 0.17 pence a share. The iron ore mining company said its working capital position is tight and there is the risk that, unless further funds are sourced in the near term, the company would need to invoke an insolvency procedure. At the end of October Bellzone Mining investors, for the second time, rejected the company's request to enable it to issue 1.50 billion new shares.
At the time, Bellzone explained that without the ability to issue new shares the firm was entirely reliant in its majority shareholder Hudson Global Group Ltd.
At the end of April, Hudson - a subsidiary of China Sonangol International Ltd - was the largest shareholder with a 57% stake in Bellzone. Hudson alongside its sister firm CS International Ltd also have three loans extended to Bellzone.