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Tawana Posted: Thu, 30 Apr 2009 [miningmx.com] -- Tawana Resources has raised $200,000 through a convertible note issue to keep the company running while it waits for a litigation to be favourably resolved, the company announced in its March quarter results on Thursday. Tawana concluded an agreement with Agio Diamond Investments for the sale of a 26% interest in Tawana's Kareevlei Project for R12m. The agreement required Agio to effect payment of the purchase price by 25 November 2008. Payment was not completed by the due date and a High Court Summons has been executed. "Tawana expects that the matter will be favourably resolved in the near future which will provide a capital input to further enhance shareholder value and allow further assessment of resource opportunities," the company said in the its results report. During the quarter $200,000 was raised through a convertible note issue. Tawana is looking at the sale of all surplus plant assets to strengthen its financial position whilst not impacting on the ability to commencing trial mining at short notice. Corporate operating expenses have been pruned by approximately 95%.
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