11 Jan 2017 15:13
11 January 2017
Amedeo Resources PLC ("Amedeo")Loan facility of US$800,000 provided to MGR Resources Pte Ltd ("MGR")
Amedeo has made available to MGR Resources Pte ("MGR") a loan facility of US$800,000. The facility bears interest at 10% per annum and is intended to be used for working capital. The iron ore price has been rising since its lows (around US$38 per tonne) at the end of 2015 and now is over US$70 per tonne. This rise has led to increasing opportunities in the iron ore market which MGR intends to take advantage of. MGR has an existing US$400,000 loan from Amedeo.
ENDS
For further information please visit www.amedeoresources.com or contact:
Enquiries:
Glen LauChief Executive Officer Amedeo Resources PLCTel office: +44 20 7583 8304 | Zafar KarimExecutive Director Amedeo Resources PLC Tel office: +44 20 7583 8304 |
Paul ShackletonNominated Adviser & Broker WH IrelandTel office: +44 113 394 6600 | Elliott HanceJoint Broker Beaufort Securities LimitedTel office: +44 20 7382 8300 |
Notes
Amedeo Resources PLC is an investment company whose policy is to invest principally, but not exclusively, in the resources and resources infrastructure and asset sectors. Amedeo has a deep and broad global network and wide contact base in these sectors, including in East and South East Asia and the Middle East which it leverages to source and make investments. These sectors exhibit high growth and are strategically important. Amedeo is a proactive investor which assists its investee companies to grow by providing investment, expertise and contacts.