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Mines Management Inc. (TSX:MGT,NYSEMKT:MGN) announced that it’s raised $1.25 million via asset sales. The company plans to use the money for general working capital purposes, as well as to advance permitting for its Montana-based Montanore silver-copper project.
Mines Management Inc. (TSX:MGT,NYSEMKT:MGN) announced that it’s raised $1.25 million via asset sales. The company plans to use the money for general working capital purposes, as well as to advance permitting for its Montana-based Montanore silver-copper project.
As quoted in the press release:
Management believes that the funds raised from the equipment sale are sufficient to sustain the Company’s business and operations through the end of November 2015, and potentially further with additional asset sales. Additional external funding will be required for the Company to continue its business and operations. Accordingly, the Company is seeking external financing and considering strategic alternatives. There can be no assurance that the Company will be successful in obtaining financing or entering into another type of transaction that will permit it to continue its business, or that the terms of any such financing or transaction would not make future financings or transactions more difficult or otherwise limit the Company’s flexibility or opportunities in the future.
Glenn M. Dobbs, chairman and CEO of Mines Management, commented:
We are pleased to have raised the additional cash that will enable ongoing Montanore and corporate operations. We remain focused on completion of the Final Record of Decision by the permitting agencies, and pursuing strategic alternatives to provide financial resources for completion of an evaluation/feasibility study at the project. Montanore is a highly desirable project. Our objective is to continue moving the project forward in anticipation of an eventual turnaround in commodities financial markets.
Click here to read the full Mines Management Inc. (TSX:MGT,NYSEMKT:MGN) press release.