Finders secures $8 million loan
Thursday, June 7 2012 - 04:41 AM WIB
ASX-listed firm Finders Resources Limited said that three of its major shareholders Taurus Funds Management (Taurus), Resource Capital Fund IV LP (RCF) and Acorn Capital (Acorn) have agreed to provide loan of up to US$8 million to Finders.
The funds will be used for the continued development of the Wetar copper project including continuing funding of the refurbishment of the MFO generators, additional engineering and design work and progressing the project financing.
?The funding provided by our cornerstone shareholders will allow us to continue our work developing the Wetar project without delay and position us well for the commencement of construction. The refurbishment of the MFO generators represents the first significant work stream for the main project and it remains on time and budget.? Finders Managing Director Chris Farmer said.
Editing by Adianto P. Simamora