Australian minerals company Cleveland Mining has secured A$10m ($9.61m) investment facility from Boston-based Baycrest Capital for the development of the mining firm’s Brazilian portfolio.
Cleveland said that the latest investment facility allows the company to draw the cash down in individual tranches of up to A$500,000 ($480,800) each, in a three-year span.
Each draw-down will be matched by an issue of ordinary shares priced at 100% of a weighted average market price formula.
Cleveland Mining managing director David Mendelawitz said that the facility provides strong support for company’s continuing development.
"This new source of funding gives the Company confidence to continue its Brazilian development, which includes the optimisation of the Premier JV Mine and plans to start mining at the nearby and soon to be gazetted, O Capitão deposit," Mendelawitz noted.