Archipelago Resources agrees funding deal with Asian investment fund
Thursday, October 23, 2008
Archipelago Resources, the mining group working in South East Asia has agreed a funding deal with Abacus Capital that will see Abacus provide a loan facility and possible elect to provide equity funding to Archipelago.
Abacus will initially provide Archipelago a US$7.5 million loan facility which will be used firstly to pay the company’s current US$5 million RMB loan facility and secondly to provide US$2.5 million for working capital.
Abacus has a four-month option to buy shares in Archipelago at a price of 12 pence per share, raising up to around US$21.5 million.
Archipelago noted that the subscription for shares was conditional on several factors, including the company obtaining loan financing for the development of its 85% owned Toka Tindung Gold Project. Abacus is set to help the company find that additional funding.
Abacus is an Asian investment fund with a strong commitment to resource investment in South East Asia and also has relationships with Indonesian groups.
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