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.
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.
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 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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
International Investment Summit: will the government's growth plans boost investor portfolios?
News The government is looking to attract investment into UK projects. We explain what this could mean for your money
By Marc Shoffman Published
-
Israel conflict: the concerns of a wider war
Israel's raids into Lebanon have raised fears of a wider war
By Dr Matthew Partridge Published