26/03/2009 - 10:53

Albidon extends halt, waits for funding

26/03/2009 - 10:53

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Albidon has extended its trading halt as it waits on final approval from senior lenders and unsecured creditors over its funding package from Chinese company Jinchuan.

Albidon extends halt, waits for funding

Albidon has extended its trading halt as it waits on final approval from senior lenders and unsecured creditors over its funding package from Chinese company Jinchuan.

Earlier this week, nickel stock Albidon halted trading of its shares as it hurried to secure final approval for a multi-million dollar funding package which will help keep it afloat.

The funding, a combination of an upfront payment of $US1.8 million, $7 million placement and a convertible note facility, has already received shareholder approval.

Albidon had extended final approval from senior lenders and creditors until Monday night.

Chairman John Shaw has previously warned that if approval was not received, Albidon would have to appoint administrators.

Earlier this month, Albidon placed its Munali nickel operation in Zambia on care and maintenance.

 

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