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Van Dieman Mines

  • BY: Andrew Hore |
  • POSTED: 28/10/2008 |

Van Dieman Mines has extended its bridging loan facility instead of issuing more shares.

The Tasmanian tin miner needs cash to develop its mine but has decided that it is not worth raising money by issuing shares.

Van Dieman has been granted a A$2m increase in the facility by Galena Special Situations Master Fund Ltd.Van Dieman Mines is negotiating the refinancing of the original £5m facility, and the extension, by rolling it into a convertible loan note of up to £6.5m.

Galena owns 12% of Van Dieman Mines.

The shares fell 0.125p to 2.25p each, which values Van Dieman Mines at £3.47m.

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