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Avocet Gets USD2.1 Million Loan From Shareholder Elliott Management

Fri, 24th Apr 2015 08:19

LONDON (Alliance News) - Avocet Mining PLC on Friday said it has agreed a USD2.1 million loan deal with Elliott Management, its largest shareholder.

The loan, assuming Avocet is able to draw it down in full, is expected to meet the company's corporate requirements through to the end of September 2015 and is intended to allow Avocet to continue its business review, while exploring longer term funding options.

Elliott holds a 28% stake in the business.

Avocet shares were down 3.5% to 4.921 pence on Friday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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