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Backers from Chile help Serabi Gold

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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