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VGM funding deadline set back

October 3, 2012 7:12 pm

Vatukoula Gold Mines says it has set back the deadline for the completion of a $30 million funding announced in August.

The company says the strategic investment, from China’s Shengen Xintai International, has been delayed because the approvals from Chinese state authorities have taken longer than expected.

The initial tranche of the funding, $9.57 million loan note, was to have been completed by yesterday

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The new deadline is the end of this month

A share placing is scheduled for November .

In August, Vatukoula said the cash investment will bring new expansion opportunities to the gold mine and it means the company will be able to consider a wider range of growth opportunities.

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