GCM Resources ups size of loan from Polo Resources by £1.2m

  • Feb 03, 2020
  • Stock Market Wire

StockMarketWire.com - Mining company GCM Resources said it had agreed a £1.2m increase in a loan facility provided by Polo Resources.

The funds would be used to progress strategic partnerships with Chinese companies for the development of a proposed coal mine.

The Polo facility had allowed the Company to borrow up to £2.3m, to be repaid within 90 days upon request and attracting an interest rate of 12% per annum.

That existing facility had been fully drawn down, with additional £1.2m bringing the aggregate amount of borrowings to £3.5m.

At 1:29pm: [LON:GCM] GCM Resources PLC share price was +0.63p at 12.63p

Story provided by StockMarketWire.com

Register for access to the Energy news and press releases