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'We continue to work towards putting the company on a sounder longer term financial footing,' said chief executive Greg Coleman.
Independent Resources plc (LON:IRG) has secured £200,000 of additional capital, via an issue of convertible loans.
The funding comes from investors introduced by arranged by Brandon Hill Capital, and provides immediate working capital whilst the group awaits revenues from assets in Egypt, talks to creditors and seeks a longer term funding solution.
Greg Coleman, IRG chief executive, said: 'I am pleased that the company has secured additional short term working capital as we continue to work towards putting the company on a sounder longer term financial footing.
'The loan arrangements give IRG flexibility of conversion and will provide an important bridge to allow us to progress to collection of revenues in Egypt and advance other initiatives for the benefit of shareholders.
'We look forward to updating the market on our progress on these initiatives as they develop.'
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Independent Resources Plc
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CODE : IRG.L |
ISIN : GB00B0RNX796 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Independent Res. is based in United kingdom. Independent Res. is listed in United Kingdom. Its market capitalisation is GBX 184.9 millions as of today (US$ 221.3 millions, € 193.9 millions). Its stock quote reached its highest recent level on May 29, 2009 at GBX 97.50, and its lowest recent point on May 20, 2016 at GBX 0.04. Independent Res. has 402 003 697 shares outstanding. |