Prospect Resources Receives US$10m Export Finance Facility

  • Sep 14, 2018 AEST
  • Team Kalkine
Prospect Resources Receives US$10m Export Finance Facility

Prospect Resources Limited (ASX: PSC), a battery minerals company, lately announced that Reserve bank of Zimbabwe has given US$10,000,000 export finance facility to its 70% subsidiary, Prospect Lithium Zimbabwe (PVT) through CBZ Bank Limited.

Export Finance facility is carrying an interest rate of 7.5% with 12-months capital repayment holiday. After 12 months, the monthly capital repayments will be made for 24 months. Export finance facility’s purpose is to increase the development of existing and new export focused businesses which are situated in Zimbabwe. Funds which are drawn from the facility are going to be used to meet the local costs on the mine development. Mine development includes the construction of the tailing facility, construction of building and pre-strip of the mine site. 

This loan is seen as another building block of the Arcade Lithium Mine’s financing and it is a proof of the government’s support. Company is planning to participate in number of various investor and trade events to promote Prospect, Arcadia and Zimbabwe. Company’s Stock price rose 3.846% on 14 September 2018.

PSC shares traded at $.027 with market capitalization of 51.51 million as on 14 September 2018 (AEST: 2:00 PM).

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