Nuuk, 2014-01-30 17:28 CET (GLOBE NEWSWIRE) --
NunaMinerals A/S wishes to announce that it negotiated a subordinated loan of 3.5 mDKK from Greenland Holding A/S which is a wholly owned subsidiary of Greenland self-Government. The loan will strengthen the short term working capital and is part of a long term overall funding plan for the Company’s activities moving forward.
The interest rate is set at 1 % per month and the loan is due no later than 31 January 2015. Greenland Holding A/S has made a commitment to convert the loan in a possible Rights Issue.
Birks Bovaird, Chairman of NunaMinerals:”NunaMinerals deeply appreciates the continuing support of the Company’s largest shareholder and we believe their continuing contribution sends a positive signal to all investors. This commitment recognizes the promising results NunaMinerals achieved during 2013 on the company’s Vagar Gold Project, and will serve as a financing base in order to continue the overall funding plan for development and expansion of the Vagar Project. Funding of this nature is required for the company’s ongoing daily operations and is necessary furthermore to carry out the planned activities at the Company’s partner project involving rare earth elements (REE) at the Qeqertaasaq license.
For additional Information, Please Contact:
Ole Christiansen, President and CEO, mobile: +299 55 18 57