Wolf Minerals Limited (ASX:WLF,AIM:WLFE) announced entering into a binding agreement with Resource Capital Fund V L.P to provide a funding package of US$82 million. The funding will be used to develop the Hemerdon Tungsten and Tin Project in Devon, England.
As quoted in the press release:
A 12 month secured Bridge Finance Facility from RCF (“Bridge Facility”) to provide further funding for development activities
and the commencement of construction at the Hemerdon Project.
Consideration for the purchase of a 2% Royalty (“Royalty”) by RCF on gross revenues from all metals and minerals produced from the Hemerdon project.
Wolf Minerals Limited, 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 in to a globally significant new source of tungsten supply, and we now look forward to moving forward with our mine development and construction plans.”