JOHANNESBURG (miningweekly.com) – Aim-listed Bellzone Mining on Monday announced that its shares would be suspended from trading on the Aim with immediate effect, as the company had not yet been able to reach agreement with China Sonangol International on the final satisfaction of all the conditions of the companies’ $4-million loan agreement.
Bellzone and China Sonangol initially entered into the loan agreement on August 18, with Bellzone having been advanced $1.5-million under the agreement, to date.
However, Bellzone required a further advance of financing under the loan agreement, or another source of funds, early this week, to be able to continue operations.
“There can be no certainty that the required financing, either short or longer term, will be obtained,” the company said in a statement, adding that, in light of this uncertainty, the company’s shares had been suspended pending clarification of its financial position.
Bellzone is an explorer, operator and developer of iron, copper and nickel licences, including the Kalia and Sadeka projects, in Guinea.