North River MD hopeful shareholders will back financing plans

(MENAFN- ProactiveInvestors)The managing director of Namibia-based North River Resources (LON:NRRP) James Beams discusses the  firm's US$4mln finance package to help move its Namib project towards production. The AIM-quoted base-metal company reckons the Namib project's total capital requirement will be US$25-30mln and it intends to fund it in two phases. The US$4mln Phase 1 funding is designed to fund the company through to an investment decision on the project which the company believes it should be in a position to make prior to the end of the year. The proposed offer will be fully underwritten by Greenstone Resources which is already a 29.5% shareholder. It is subject to shareholder approval which will be sought at a meeting on 28 August.