Mining Weekly reported that Wolf Minerals (ASX:WLF) has obtained funding for its Hemerdon tungsten and tin development, in South West England.
As quoted in the market news:
“The funding package with Resource Capital Fund (RCF) would comprise a $75-million, 12-month secured bridge finance facility, and a $7-million consideration for the purchase of a 2% royalty on gross revenues from all metals and minerals produced at the Hemerdon project.
The amount of the drawdown available under the terms of the bridge facility would initially be limited to $40-million, until Wolf has received all the material permits, licences and approvals necessary to start construction and operation at the Hemerdon project.
The further $35-million would be available upon obtaining the required permits.”
Get Our Expert Guide to Tungsten Investing FREE!Download this FREE Special Report, Investing in Tungsten: Tungsten Price, Tungsten Demand and Tungsten Companies at a Glance.