New investor raises funds to restart Mowana mine
Friday, January 20, 2017
The London Stock Exchange-listed Alecto, which is in the process of buying the mine for £6.7 million (P87 million) through a reverse takeover of Cradle investments, raised the funds through the issue of convertible loan notes.
“The net funds raised from the issue of the notes will be used to provide a loan of up to US$1m to Cradle, which it will use to recommence operations at Mowana. Fujax Minerals and Energy Limited, the South African minerals and energy trading company providing off-take financing to Mowana, will match Alecto’s loan to Cradle, thereby providing Mowana with funding of up to, in aggregate, US$2m (P22 million) in the short-term with the aim of bringing the mine back into production in first quarter 2017,” Alecto said.
The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...