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Symbol Mining books 1st profit from Macy zinc mine, secures A$3.7M in funding


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Symbol Mining books 1st profit from Macy zinc mine, secures A$3.7M in funding

Symbol Mining Ltd. booked its first profit from the Macy zinc mine in Nigeria after executing a sales contract for the first shipment of direct shipping ore from the site.

The ore was loaded Nov. 27 for transport to customers in China, the company said Dec. 19, noting the deal will provide its first cash flow approximately 12 months from listing on the ASX.

Symbol Mining also said it extended and increased its US$3 million loan facility with Noble Resources Ltd. to secure an additional US$2 million, or A$2.7 million, in funding.

In addition, the company entered into a terms sheet with a U.S.-based investment firm for a A$1 million unsecured convertible notes financing. The 12-month notes will be provided in two equal tranches, subject to due diligence and a formal agreement, and will be convertible at any time at 2.5 Australian cents per share.

The company plans to use the additional A$3.7 million to accelerate exploration and take advantage of an additional processing unit being built as well as for working capital during the ramp-up of shipments.

The Noble Resources deal, which was executed in mid-July, included an off-take agreement granting partial rights to purchase or market product for the Imperial joint venture, which includes Macy.

As part of the amendment, Symbol Mining agreed to enter into a hedging facility agreement covering up to 40% of salable product while also extending the off-take and marketing agreement.