The company has announced to forward the credit facility towards Hemerdon Tungsten and Tin Project in Devon, Southwest England.
The fund comprises a 12-month secured bridge finance facility of $75m for development operations at Hemerdon project and remaining $7m towards purchase of 2% interest in gross revenues from all metals and minerals produced from the project.
The bridge facility has a maturity date of 12 months from date of waiver by RCF, besides restricting Wolf from claiming any further debt until the secured facility is repaid.
Wolf Resources is in advance discussions with potential investors to raise $20.9m in equity towards bridge facility.
