IN BRIEF: Tamar Minerals gets PS150,000 loan from Godolphin Minerals
Tamar Minerals PLC - exploration company focused on tin and copper in the southwest England, previously named Tectonic Gold PLC - Enters loan agreement amounting to £150,000 with Godolphin Minerals Ltd to ‘provide working capital’. GML is owned by Tamar’s Chief Executive Mark Thompson and two of his fellow major shareholders, David Lilley and Henry Maxey. Tamar says the loan carries a 12% interest rate and is repayable on May 21, 2026, although it can be repaid before that date without incurring penalties.
The loan agreement follows Tamar, then Tectonic, merging with Godolphin Exploration Ltd in a £3.7 million deal which, through the issue of 1.83 billion new shares, gave Godolphin shareholders 63% of the enlarged share capital. Thompson, previously Godolphin’s CEO, became CEO of the newly-combined group.
‘The recent merger has gone very smoothly and we are putting in place our plans for the future,’ Thompson comments. ‘There is so much mining activity going on in Cornwall and Devon and we look forward to playing our role in it.’
Current stock price: 3.50 pence
12-month change: up from 0.325p
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