Amur Minerals Corporation (AMC) are nickel-copper sulphide mineral exploration company focused on the far east of Russia. The company’s principal asset is the Kun-Manie sulphide nickel, and copper project located in Amur Oblast. Drill-defined resources have been identified within five deposits wholly contained within a 36-square-kilometre production license.
Being located in the Far East of Russia, the project represents one of the largest potential economic contributors to the region and is registered as a key project for inclusion within the Far East Development Programme.
RiverFort arranged funding for Amur Minerals Corporation of US$10 million through a convertible loan agreement. With an initial US$4 million drawn down by Amur Minerals Corporation. With subsequent US$2 million after 121 days, and a further third advance after 240 days. Each advance arranged by RiverFort Global Capital was repayable after 12 months and convertible into ordinary shares if Amur Minerals Corporation elected not to repay the instalments.
Robin Young, Amur Minerals Corporation CEO said:
“We are pleased to have completed this financing with RiverFort Global Capital LTD allowing us to continue the advancement of our Kun-Manie nickel-copper sulphide project toward production. Being the largest undeveloped nickel-copper project located centric to the three largest nickel-consuming nations in the world, we can continue our fieldwork and engineering efforts in anticipation of the potential and significant disruption in the future nickel market. In addition, we shall continue our work with Medea Financial Partners in the identification of long-term project financing alternatives available from various financial institutions and potential strategic partners.”
Use of Proceeds
Updating of the resource and reserves statement;
Development of an optimized production schedule;
Update of the current economic model including all newly acquired technical data and cost information and additional metallurgical test work; and general and administrative requirements
