Unicorn Mineral Resources Enters GBP1 Million Loan Facility Deal With Chairman
Unicorn Mineral Resources (UMR.L) signed the term sheet for a 1.3 million-pound-sterling unsecured loan facility agreement with board Chairman Paddy Doherty, according to a Friday filing. The loan has a term of one year from initial drawdown and carries an annual interest rate of 10%, payable upon maturity. The funds will be used to support the mineral exploration and development company's proposed acquisition of the Klein Aub copper mine in Namibia, as well as for working capital needs and operational expenses across its Namibian and Irish portfolios. The facility remains subject to formal loan documentation, regulatory approvals, and binding agreements for the Klein Aub mine, which are all expected to be completed in July.
Unicorn Mineral Resources (UMR.L) signed the term sheet for a 1.3 million-pound-sterling unsecured loan facility agreement with board Chairman Paddy Doherty, according to a Friday filing.
The loan has a term of one year from initial drawdown and carries an annual interest rate of 10%, payable upon maturity.
The funds will be used to support the mineral exploration and development company's proposed acquisition of the Klein Aub copper mine in Namibia, as well as for working capital needs and operational expenses across its Namibian and Irish portfolios.
The facility remains subject to formal loan documentation, regulatory approvals, and binding agreements for the Klein Aub mine, which are all expected to be completed in July.