Shaw River Gains Funding to Advance Otjozondu Manganese Project

- August 13th, 2014

Shaw River Manganese Ltd. (ASX:SRR) announced that it has entered into documentation under which Bryve Resources Pty Ltd. will provide it with new funding.

Shaw River Manganese Ltd. (ASX:SRR) announced that it has entered into documentation under which Bryve Resources Pty Ltd. will provide it with new funding.

The funding will enable the Company to undertake an in-fill drill program, conduct further metallurgical test work and to develop a bulk sample for jig test trials over the coming quarter for the 100% owned Otjozondu Manganese Project in Namibia (‘Otjozondu Project’).

Shaw River has entered into a loan facility agreement (the ‘Bryve Facility’) with Bryve whereby Bryve will provide up to A$8 million in debt funding under two separate, secured facilities under the following structure:

  • Facility 1: an amount up to A$2 million convertible loan facility
  • Facility 2: an amount up to A$6 million contingent working capital facility

Click here to read the full Shaw River Manganese Ltd. (ASX:SRR) press release.

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