Noventa completes settlement with Richmond Partners

Noventa, the AIM-listed tantalum concentrate supplier, has signed an agreement with Richmond Partners Master on the settlement of the loan which its indirect subsidiary, Highland African Mining Company Minerals (HAMCM), defaulted on.

The company has been forced to sell HAMCM after no viable solution could be found that would enable HAMCM to stay within the terms of the secured loan facility (SLF).

As such, it has paid Richmond $165,000 in cash, and this, together with the assumption by Noventa of a further $22,000, will satisfy all balances that were due to the lender.

The company also said that Luca Bechis, Fernando Fernandez-Torres and Jose Luis de Barros have resigned from the board of directors of each in the surviving Noventa Group and that no further payments are due to them.

Furthermore, any amount due by the customers of the surviving group for the sale of Tatalum pentoxide concentrate, which amounts to around $159,000, will, if recovered in cash, be due to Richmond.

The share price plunged 31% to 0.50p by 13:15 Thursday.

NR