Aim-listed Kazera Global has entered into definitive agreements with a consortium of investors and existing shareholders to raise, in aggregate, about £200 000 through short-term unsecured loan facilities.
The proceeds will be used for working capital purposes while the company continues to engage with potential funders for the development of the Tantalite Valley Mine, in Namibia.
Kazera has an interest in the mine through its stake in African Tantalum.
The loan facilities will be disbursed in five separate tranches.
The board believes the drawdown on the loan facilities will provide the company with sufficient cash resources to enable it to operate until at least September, by which time it hopes to have secured a transaction with a strategic financing partner.
“We are delighted by the support shown by both existing shareholders and the consortium of lenders who have provided this facility. With this support, we can continue to progress the company’s operations in Namibia towards the securing of a transaction with a strategic financing partner, whom we continue to be in discussions with.
“We look forward to updating shareholders as we continue to work on our second phase of drilling activity following the first successful phase,” said Kazera CEO Larry Johnson.