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Backers from Chile help Serabi Gold

By Robert Tyerman | Friday 1 January 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Fratelli Investments, the Chilean business dynasty's vehicle which already owns 52% of out-of-favour Serabi Gold (SRB), has stepped in to ameliorate the Brazil-focused gold miner's financial position with $5 million (£3.4 million) 'short-term working capital convertible loan facility'. Serabi, whose shares have sagged in a weak gold market from 2005's AIM float price of 30p to 2.75p now, down from a 12-month high of 5.62p, has been grappling with falling grades at Palito, its producing mine, and slower than hoped progress at its forthcoming Sao Chico project, but chief executive officer Mike Hodgson argues this new facility 'gives the company the ability to complete its current development programme by the early part of the second quarter of 2017.' 


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