Sumatra draws remaining $1.5b loan to finance Tembang gold project
Thursday, March 6 2014 - 04:35 AM WIB
ASX-listed Sumatra Copper & Gold plc said Thursday that it was drawing down the remaining US$1.5 million (second tranche) under its convertible loan facility agreement entered into with Provident Capital Partners Pte Ltd in December 2013.
This completes the $4 million convertible loan facility agreement as the company has already drawn the first tranche of $2.5 million.
Proceeds from the second tranche will be used to fund the remaining phase 3 resource in-fill and extensional drilling program and associated feasibility work to finalize an updated life-of-mine plan for the Tembang gold project in Sumatra, and for general working capital purposes, the company said in a statement.
Editing by Reiner Simanjuntak