[miningmx] — NKWE Platinum said on Friday the equity stake of its major
shareholder,
Genorah Resources, was safe following the lapse of a security lending agreement.
This followed an announcement in September that Genorah’s financiers, Gleneagles,
has
started to sell Nkwe shares on the open market as pay-back for an outstanding loan
of
$2.8m.
“Genorah Resources has paid back the outstanding loan (circa $2.8m) to
Gleneagles Securities through a refinancing with Farling Ventures Limited, an
investment vehicle of Luxembourg-based fund African Minerals Exploration And
Development Fund,’ Nkwe said on Friday.
“The financing enables Genorah and Nkwe to complete negotiations with a strong
strategic partner with significant depth and experience in mining finance. The market
will be fully appraised once the key aspects of the transaction have been finalised.’
Genorah owns around 60% of Nkwe, which in June unveiled an optimised bank
feasibility
study on its 10.8 million ounce Garatau project on the Bushveld’s Eastern Limb,
carrying
a R5.3bn capital requirement tag.
