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Wolf Minerals restructures senior debt, ups bridge facility to £65M

Wolf Minerals Ltd. said March 1 that it increased an existing £55 million fully secured bridge loan facility to £65 million, maturing in 2020, to meet its short-term working capital needs and to help it achieve commercial production at the Drakelands tungsten project in the U.K.

The company secured the original £20 million facility from Resource Capital Fund VI LP in October 2016, which was subsequently increased to £40 million and then raised to £55 million.

Wolf Minerals secured an extension on some terms for £64 million in senior debt to Jan. 31, 2019. The financial ratios in the terms of its senior debt will not be applicable until Sept. 30, 2019.

Company shares closed 9% higher on the ASX on March 1, and shares were up more than 5% in London morning trades.