News Column

Bellzone Mining Drops On Further Drawdown Of China Sonangol Facility

September 1, 2014

Sam Unsted

LONDON (Alliance News) - Bellzone Mining PLC shares dropped in early trade on Monday after the company said it will be advanced USD750,000 via its loan agreement with China Sonangol International Pte Ltd.

The move brings the amount drawn down by Bellzone under the deal, announced on August 18, to USD1.5 million. Under the financing deal, China Sonangol, which owns a 29.9% stake in Bellzone, agreed to provide a short-term financing loan to the iron ore producer and mineral developer of up to USD4 million.

The new funding is expected to allow Bellzone to continue operations until mid-September. The total funding facility is expected to let Bellzone continue operating until late October.

Bellzone shares were down 19.8% to 0.465 pence in early trading Monday, making it the second biggest faller on the AIM All-Share index.

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Source: Alliance News

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