Arian Silver still scrambling for funding ahead of production at San Jose
01 December 2009
Mexico-based silver producer Arian Silver today said it had spent much of the third quarter looking for new funding in and effort to plug a $1.25 million working capital gap in the coming months.
The company is believed to have tried and failed to get additional loan funding from its largest shareholder, the investment group Grafton Resource Investments. Grafton has already ploughed in an $800,000 interest free loan. However, the two sides have now reached an understanding on a share structure that should eventually allow the company to raise new funds.
On top of its working capital needs, Arian is also facing the final $500,000 (plus IVA) instalment on its San Jose property in December 2009. The company is in discussions with the landowner to seek a deferral of this payment. Once funding is in place, Arian is ready to proceed to production at San Jose.
Elsewhere, due diligence is continuing over an option deal between Arian and Geologix Explorations over Arian’s Tepal property.
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