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Wolf Minerals Secures Further Short-Term Working Capital Funding

30 Jul 2018 8:10 am
 

By Maryam Cockar
 

Wolf Minerals Ltd. (WLF.AU) said Monday it has secured additional funding to support short-term working capital requirements as its ramps up its Drakelands tungsten mine in Devon, England, and reviews funding arrangements.

The mining company said it has extended its existing bridge loan to 69 million pounds ($90.6 million) from GBP65 million, with GBP2 million available immediately.

Wolf Minerals has agreed with its senior lenders to defer paying outstanding fees, senior debt and interest repayments totaling GBP2.1 million until Oct. 28.

The senior lenders have also agreed to provide Wolf Minerals access to up to GBP1.7 million of the GBP9.5 million that has been reserved to implement a noise-and-vibration management plan, which the company agreed upon with the U.K. Environment Agency.

The trading suspension of the company's shares on the Australian Stock Exchange has been lifted.

At 0747 GMT, Wolf Minerals' London-listed shares were down 0.25 pence, or 10%, at 2.20 pence.
 

Write to Maryam Cockar at maryam.cockar@dowjones.com
 

(END) Dow Jones Newswires

July 30, 2018 04:10 ET (08:10 GMT)

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