- Shanta Gold said it secured a $10m debt facility to help fund the development of the Singida gold mine in Tanzania.

The company said it had entered into a non-binding term sheet with 'a privately-held, East African, multi-national conglomerate' for an unsecured, non-recourse loan facility.

The facility was conditional on a minimum equity raise of $15m from the company's planned initial public offering on the the Dar es Salaam stock exchange.

Shanta is targeting a minimum $20m from the IPO.

The debt would be repaid over three years from cash flows generated by the project. It bore an annual interest rate of 10%.

At 9:13am: [LON:SHG] Shanta Gold Ltd share price was 0p at 8.9p

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