Shares in AIM-listed Wolf Minerals rose 17.27 per cent to 16.12p per share on Friday morning following an announcement that the company had secured an 82m-dollar funding package for its tungsten and tin project in Devon.
The company secured the funding from mining-focused private equity fund Resource Capital Fund (RCF) enabling it to continue the development and commence construction of its Hemerdon Project in Southwest England.
The package comprises a $75m 12-month secured Bridge finance Facility from RCF to provide further funding for development of activities and the commencement of construction at the Hemerdon Project. A $7m consideration has been allocated for the purchase of a 2% royalty by RCF on the gross revenues from all metals and minerals produced at the Hemerdon project.
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Wolf managing director Humphrey Hale, said: "We are delighted to secure this funding package with RCF to further progress the Hemerdon project. We welcome the continued support of RCF in our goal to develop the project to a globally significant new source of tungsten supply and we now look forward to moving forward with our mine development and construction plans."
Wolf has a market capitalisation of £17.41m. In September, the company reported that it had received key environmental approval for the Hemerdon project with the granting of water permits from the operation of the Hemerdon mine from the environmental Agency.
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