SAFM secures $15m funding for Ponto Verde
PERTH (miningweekly.com) – Iron-ore developer South American Ferro Metals (SAFM) has secured a $15-million loan facility from Deutsche Bank to complete its bankable feasibility study on the Ponto Verde project, in Brazil.
As part of the two-year facility, SAFM has agreed to issue Deutsche Bank some 20.4-million five-year options, representing 5% of the company’s issued share capital, at an exercise price of a 50% premium to the 30-days weighted average share price, prior to the issue date.
Any funds raised from the exercise of the option would be used to progress the project. As the options could be issued within the company’s existing placement capacity, no shareholder approval would be required.
“Further to the progress on our bankable feasibility study and the increase of our resource that has been announced to the market, we are pleased to have secured the requisite funding to both complete our bankable feasibility study and provide additional working capital,” said SAFM CEO Stephen Turner.
The Ponto Verde project has a resource of some 301.60-million tons, grading 40.65% iron. The miner was currently working on an expanded definitive feasibility study to increase the capacity at Ponto Verde from 1.5-million tons a year to eight-million tons a year.
The work was progressing as planned, and the expansion remained on track for completion by the end of 2015.
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