Sihayo obtains fresh loans to fund gold project
Wednesday, November 18 2015 - 02:00 AM WIB
ASX-listed Sihayo Gold Limited announced Wednesday that further loan facilities have been finalized with major shareholders, Provident Minerals Pte Ltd and PT Saratoga Investama Sedaya Tbk.
The company said in a statement that each shareholder will lend US$500,000 with interest rate of 7 percent and maturity of 12 months.
?The Provident Minerals loan has been fully drawn. The Saratoga loan will be drawn to cover operating expenses related to working capital and ongoing permitting activities,? Sihayo said.
Sihayo said it continues to minimize cash burn by focusing only on absolutely necessary activities related to maintaining the mining Contract of Work (Cow) and progressing permitting activities.
The company holds an interest in the Sihayo Pungkut Gold Project located in North Sumatra.
Editing by Reiner Simanjuntak