Last checked at 27 Oct 2020 07:00
27 October 2020
Amur Minerals Corporation
("Amur" or "the Company")
NRR Update
Amur Minerals Corporation ("Amur" or the "Company"), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to announce that certain existing shareholders of Nathan River Resources Pte Limited ("NRR"), have opted to provide further US$10 million in equity financing to NRR to provide additional working capital to advance the shipment of stockpiles and processing of mined blocks at the Roper Bar Iron Ore project in the Northern Territories, Australia, in order to take advantage of the current high iron ore prices.
Amur was offered the opportunity to participate in the additional equity but declined in order to focus existing funds on the Kun-Manie nickel/copper sulphide project. Following the additional equity investment into NRR, Amur's convertible loan notes will be convertible into 13.43 per cent of the current issued share capital of NRR.
Adam Habib, President of Amur Minerals Corporation, commented:
"NRR has exceeded our expectations in regards to the rehabilitation of the infrastructure and the mine start up process. The increased shipment targets for this year will deliver dividends in the long run that will capture the higher iron ore prices and will enable NRR to reach profitability sooner."
For more information on the Roper Bar Iron Ore project, visit the NRR website on www.nathan-river.com
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
Company Amur Minerals Corp. | Nomad and Broker S.P. Angel Corporate Finance LLP | Public Relations Blytheweigh |
Robin Young CEO | Richard Morrison Soltan Tagiev | Megan Ray Tim Blythe |
+7 (4212) 75 56 15 | +44 (0) 20 3470 0470 | +44 (0) 20 7138 3204 |