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GCM Resources inks agreement with Polo Resources, draws further £250K from loan facility
StockMarketWire.com
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Mining and energy company GCM Resources said it had entered into a relationship agreement with Polo Resources to maintain the company's independence and confirmed it had drawn another £250,000 from its loan facility with Polo.
The relationship agreement had a minimum term of one year from the execution date, and would terminate if the ordinary shares of the company cease to be admitted to trading on AIM or Polo ceases to retain an aggregate stake of 25% or more in GCM.
Polo, currently a private limited company and owned 28.3% of the company's issued share capital,
The company also confirmed it had drawn down a further £250,000 -- to fund operations for a further three months -- from its facility with Polo and now had used £3.2 million of the £3.5million facility.
At 8:58am: (LON:GCM) GCM Resources PLC share price was 0p at 11p
Story provided by StockMarketWire.com
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