Daniel Major, CEO, commented:
"We are pleased to have received the final payment from Linkwood for this outstanding loan. The proceeds from this payment will be used to fund continued exploration activities at our Mutanga project in Zambia and to continue the development of our Madaouela Project."
The Linkwood loan was declared to be in default in 2019 and accrued a default interest rate of 11.5% per annum. At the end of May 2022, Linkwood had already repaid USD 2.2m in cash. The final payment of the loan was in the form of free-trading ordinary shares Linkwood held in a publicly listed company. In 2018 GoviEx provided Linkwood with a loan to fund its purchase of GoviEx shares then held by the Toshiba Corporation as part of a transaction that allowed GoviEx to buy back the uranium loan it received from Toshiba in 2012, at a 50% discount for […]
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