£1.25 Million Loan Facility Fully Drawn
Summary by AI BETAClose X
Unicorn Mineral Resources Plc
("Unicorn", or "the Company")
£1.25 Million Loan Facility Fully Drawn
Unicorn Mineral Resources Plc (LSE: UMR) is pleased to announce that, further to the announcement of 17 August 2026, it has completed the full drawdown of the £1,250,000 unsecured loan facility ("Facility") provided by Electro Automation (Group) Limited, a company controlled by the Company's Chairman, Mr Paddy Doherty.
The Facility provides the Company with additional working capital to progress the acquisition ("Acquisition") of the Klein Aub Copper Mine in Namibia ("Klein Aub") and to advance the Company's initial development plans for the project.
The full drawdown of the Facility follows the Company's recent announcement regarding the signing of documentation relating to the Acquisition and represents an important step in providing the Company with the capital required to progress the transaction and its associated development activities.
Use of Funds
The proceeds of the loan will provide the Company with funding to:
· progress and complete the Acquisition;
· undertake initial development and preparatory activities at Klein Aub;
· support the establishment of the Company's operational presence in Namibia;
· advance technical, metallurgical and mine development work; and
· provide general working capital for the Company's activities in Namibia and Ireland.
The Company intends to deploy the funds in a disciplined manner as it progresses towards completion of the Acquisition and commencement of its planned in-country activities.
The facility is unsecured, providing the Company with access to the £1.25 million without security being granted over the Company's assets.
The Board considers the availability of this funding to be an important component of the Company's strategy as it transitions from its previous exploration focus towards the development of its interests in Southern Africa and, in particular, the Klein Aub Copper Mine.
Commenting on the drawdown, John O'Connor, Chief Financial Officer of Unicorn, said:
"The full drawdown of the £1.25 million unsecured Facility provides Unicorn with an important source of capital at a critical stage in the Company's development.
Following the signing of the Klein Aub acquisition documentation, our immediate priority is to progress the transaction and put in place the planned technical, operational and management resources required to advance the project. This funding gives the Company the ability to continue that work while maintaining momentum towards our overall planned activities in Namibia.
We are increasingly focused on transitioning Unicorn towards becoming an operating mining company, and Klein Aub represents a significant opportunity to establish a substantial revenue producing copper project in Namibia.
We look forward to providing shareholders with further updates as we progress the acquisition and commence our development programme at Klein Aub."
Klein Aub Copper Mine
The Klein Aub Copper Mine is located in Namibia and represents the Company's principal development opportunity as it transitions towards its Southern African strategy.
The Company is progressing plans to evaluate and develop the historical mine workings, mineralised material and associated tailings, with the objective of establishing a viable copper mining and processing operation.
The availability of the £1.25 million facility provides the Company with additional financial resources to advance these activities and the broader Klein Aub acquisition process.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
- Ends -
For further information, please visit www.UnicornMineralResources.com or contact:
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Unicorn Mineral Resources Plc John O'Connor, CFO Tel: +353 86 259 5123 Email: John.OConnor@UMR.ie |
AlbR Capital Limited Financial Adviser and Broker David Coffman / Daniel Harris Colin Rowbury Tel: +44 (0)20 7469 0930 |
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focusIR Katrina Perez Tel: +44 7881 622830 Email: UMR@focusir.com |
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