Noventa shares lift after it secures equity finance facility
Shares in AIM-listed tantalum concentrate supplier Noventa lifted on Friday as the company announced that it had entered into an equity finance facility with Darwin Strategic.
Shares in AIM-listed tantalum concentrate supplier Noventa lifted on Friday as the company announced that it had entered into an equity finance facility with Darwin Strategic.
Darwin is a majority owned subsidiary of Henderson Global Investors' Volantis Capital (Henderson Volantis) which manages approximately $1.5bn of assets.
Noventa reported that the equity finance facility agreement with Darwin and Henderson Volantis provides it with a facility of up to £5.0m which can be drawn down at any time over the next three years subject to certain restrictions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company reported that it was under no obligation to make a drawdown and could make drawdowns at its discretion, up to the total value of the equity finance facility, by way of issuing subscription notices to Darwin.
Operations updateIn addition to announcing the new equity financing facility, Noventa also provided an update of its group operations. It reported that tantalum pentoxide concentrate "remains at low levels" and said the board was expecting tantalum concentrate to be between 1,700 and 1,900lbs for February.
The group added that the new production plant at Marropino continued to experience a number of technical issues that resulted in minimal levels of production from the plant.
The follow-on analysis of ore grades in the pit at Marropino remain "materially in line" with those outlined in the announcement of February 11th 2013, the group reported and it said that there have been no material developments at its other interests in Mozambique or the Democratic Republic of Congo.
Tantalum is a rare speciality metal which is used widely in the consumer electronics industry.
Noventa's share price was up 20.69% to 1.75p at 12:26 on Friday.
MF
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Government launches full review of parental leave and pay – what could it mean for you?
The government wants parental leave to be fairer - will its shake-up fix the widespread problem for families?
-
Nationwide: House prices see biggest monthly fall in over two years
UK house prices dropped by 0.8% in June, according to Nationwide. We reveal the top-performing and worst-performing regions