Jadar finds funding for Texas restart
PERTH (miningweekly.com) – Diversified explorer Jadar Resources has secured a finance facility of up to A$10-million to develop a restart programme at the Texas silver mine, in Queensland.
Under a binding term sheet with US-based Mint Capital Advisors, Jadar could elect to draw down funds in consideration for the issue of shares to Mint at an issue price equal to 90% of the 15-day volume weighted average share price of Jadar shares.
Jadar could draw down up to A$300 000 a month, and can only draw down funds if the issue price is calculated to be above a floor price of 3c a share. Mint will not be entitled to own more than 9.99% of Jadar, and if the financier’s interest in the company exceeds this, it would need to sell down part of its shareholding.
Jadar told shareholders on Thursday that its entry into the financing facility was part of the company’s broader growth strategy, with the funds used to develop the restart programme for the recently acquired Texas silver mine, which would allow the company to start production in the short term.
Funds will also be used to continue exploration activities across Jadar’s existing projects, specifically at the Yanamina gold project, in Peru, and for potential new project acquisitions.
Jadar in August this year acquired a metals portfolio from liquidated Moreton Resources comprising five exploration tenements, one mining lease, and in-situ crushing, screening, stacking, treatment and refining facilities.
The Texas silver project encompasses the Twin Hills silver mine, as well as a number of advanced silver and polymetallic base metal exploration targets, with the project estimated to contain some 20.3-million ounces of contained silver.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
