Sihayo obtains loan from Provident
Monday, May 2 2016 - 03:12 AM WIB
ASX-listed Sihayo Gold Limited said on Monday per April 26, it has withdrawn US$100,000 of the total $400,000 working capital loan obtained from Provident Mineral Pte Ltd.
The company said in a statement that the working capital loan was signed with Provident on February 12, with terms including a maturity date of December 31, 2016, and interest rate of 10 percent.
?Directors have negotiated this outcome in the best interests of the company and all shareholders whilst continuing to determine a longer term funding solution. In the mean time directors continue to minimize cash outflow while still exploring options to optimize the project at Sihayo/Sambung,? the statement said, referring to the company?s Sihayo Pungkut gold project in North Sumatra.
Editing by Reiner Simanjuntak