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Itafos secures US$10M in funding to ramp up operations, support initiatives

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Itafos secures US$10M in funding to ramp up operations, support initiatives

Itafos said Aug. 14 that it received US$5 million in advances from each of Zaff LLC and Pala Investments Ltd., giving the company US$10 million in additional funds.

The advances, bearing a 15% interest per annum and maturing Jan. 31, 2018, are evidenced by unsecured promissory notes that are prepayable in whole or in part at any time.

According to Itafos, the proceeds will be used to ramp up Itafos Arraias SSP's operations, for the continued implementation of its business initiatives such as the development of GB Minerals Ltd.'s Farim phosphate project in Guinea-Bissau, and for general corporate purposes.

Itafos holds about a 31.3% stake in GB Minerals.