Vox Markets Logo

Amur Minerals Corporation sees further US$10m in equity financing from NRR

11:13, 27th October 2020
Francesca Morgan
RNS Newswire
TwitterFacebookLinkedIn

Amur Minerals Corporation (AIM:AMC FOLLOW) said existing shareholders of Nathan River Resources ("NRR") have opted to provide further US$10m in equity financing to fund the shipment of stockpiles and processing of mined blocks at the Roper Bar iron ore project in Australia. 

In August, Amur unveiled a deal to invest in NRR, the owner and operator of the Roper Bar mine in Australia’s Northern Territory, via a subscription of convertible loan notes. Amur received the first interest payment from its NRR investment at the start of the month. 

The nickel-copper sulphide mineral exploration firm said the additional working capital will be useful at a time when it can take advantage of the current high iron ore prices. 

Amur said it was offered the opportunity to participate in the additional equity but declined in order to focus existing funds on the Kun-Manie nickel/copper sulphide project in Russia. 

Shares in Amur Minerals Corporation have increased over 20% in the past month to open 6.43% lower at 2.125p this morning following the announcement. 

AMC price chart

Following the additional equity investment into NRR, Amur’s convertible loan notes will be convertible into 13.43% of the current issued share capital of NRR, the company noted. 

"NRR has exceeded our expectations in regard to the rehabilitation of the infrastructure and the mine start up process,” said Adam Habib, President of Amur Minerals Corporation. 

He added, “The increased shipment targets for this year will deliver dividends in the long run that will capture the higher iron ore prices and will enable NRR to reach profitability sooner." 

The Roper Bar mine is estimated to host an estimated 446 million tonnes of JORC resources with an iron grade of 39.9%. It has around 4.76m tonnes of JORC reserves at 60.1% iron. 

For more news and updates on Amur Minerals Corporation: FOLLOW

 

TwitterFacebookLinkedIn

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist