Vision Blue extends £7m to Cornish Metals
Aim- and TSX-V-listed explorer and developer Cornish Metals has received more backing from shareholder Vision Blue Resources, with a £7-million credit facility to support the South Crofty tin project, in the UK.
The proceeds of the newly announced facility will be used for general operating and corporate purposes.
Newly appointed CEO Don Turvey commented that the funding signalled Vision Blue’s continued support for Cornish and bringing back tin mining to Cornwall through the restart of the South Crofty mine.
“We plan to generate value by unlocking the project’s potential as a long-term supplier of tin needed for electrical applications in the UK and Europe,” he said.
Turvey reported that Cornish continued to engage with investment entities interested in financing the development of the project.
“The Vision Blue credit facility, combined with the recently completed noncore asset sales, provides capital to advance these discussions further with the support of our recently appointed financial adviser, Endeavour Financial, and develop optionality as we continue to further derisk the project, ahead of securing project financing for the construction of South Crofty,” he said.
Vision Blue holds 25.95% of the company’s issued share capital.
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