Herencia Resources gets second loan tranche

Herencia Resources said it had received the second tranche of a recently arranged £0.5m loan facility.

AIM-listed Herencia said the £100,000.1 tranche will support the company's working capital requirements until early May 2016, but there were no guarantees the company would be able to continue to trade after that time.

Earlier in April Herencia said New York-based Lind Partners's Australian Special Opportunity Fund and Oriental Darius wpuld supply £250,000 apiece in two tranches.

The company added that the sale Picachos project for up to $5.13m to Next Minerals was “well advanced".

“The due diligence is progressing well, and the first payment of $m is expected by 30 April 2016 if the transaction is to proceed, however, at this stage, there can be no guarantee that the transaction will proceed,” Herencia said.