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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bellzone | LSE:BZM | London | Ordinary Share | JE00B3N0SJ29 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMBZM
RNS Number : 2314C
Bellzone Mining PLC
27 September 2018
Bellzone Mining plc
(the "Company")
Corporate Update
Bellzone Mining plc (AIM: BZM) announces the following corporate update.
On 25 May 2018, the Company stated in its final results announcement for the year ended 31 December 2017 that the Group cash flow forecasts indicated that additional funds would be required in December 2018, and that if alternative forms of financing were not available it would continue to be reliant on further funding from its majority shareholder, Hudson Global Group Limited ("Hudson") primarily on the undrawn amount under a loan facility.
The Company, ahead of publication of its interim results for the period ended 30 June 2018, had sought reassurance of such support from Hudson. However no assurance has been received.
Consequently the Company has determined it cannot rely on Hudson advancing further funds and is reviewing alternative financing options available to the board, including potential new equity investment (which would require Hudson consent to approve a resolution to issue further shares which is being sought) and the monetisation of its port asset.
Whilst the Company's existing cash resources are forecast to last until December 2018, it will be necessary in the board's view to raise further funds by mid-November 2018 to maintain the Company's status as a going concern. There can be no assurance that the Company will be successful in its efforts to raise such funds in which case it may be necessary to invoke an insolvency procedure.
The Company will provide an update in due course.
Hot Features
Premium
Bellzone Mining plc
Simon Edwards +44 (0) 7767 492 712
simon.edwards@bellzone.com
WH Ireland Limited
Nominated Advisor & Joint Broker
James Joyce / Jessica Cave +44 (0) 20 7220 1666
SVS Securities plc
Joint Broker
Tom Curran / Ben Tadd / Nick
Aitchison +44 (0) 20 3700 0100
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCEDLFLVKFZBBZ
(END) Dow Jones Newswires
September 27, 2018 11:45 ET (15:45 GMT)
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