Tamerlane Draws Down $2.5 Million

Tamerlane Ventures Inc.(TSXV:TAM) draw down on their $10.10 million debt facility with Renvest Bancorp Inc. will enable the Company to advance their Pine Point Project.

As quoted in the press release:

As of the date of the draw down, the Company had cash of over $4 million, including the proceeds from the last tranche of the debt facility. Tamerlane will use the funds for advancing the Pine Point Project including definitive engineering and other work necessary to allow for the construction to commence in 2012.

Tamerlane Ventures Inc., CEO, Michael Willett, said:

“Renvest has continued to support the company and the bridge facility has allowed management to move this project closer to construction. Ongoing definitive engineering has allowed us to de-risk the project in substantially all areas. We have one of the few zinc plays out there that is permitted for construction and very advanced from an engineering standpoint. Our team has worked very hard to ready the project for construction.”

Click here to read the Tamerlane Ventures Inc. (TSXV:TAM) press release