Wolf needs time to get out of woods

TROUBLED specialty metals producer Wolf Minerals remains hopeful of securing a long-term funding solution to provide the capital needed to progress enhancement initiatives at its Hemerdon tungsten-tin operation in the UK, but it has warned there is no quick fix in the offering.

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The miner has gained dispensation from the Australian Securities Exchange to delay release of its audited financial statements for the year ended June 30 until a funding solution is found to deal with its significant debt bomb.
 
The company missed a deadline for principal and interest repayments totalling £2.1 million to its senior lenders in July.
 
It has £63 million in senior debt and recently increased its £65 million bridging facility by £4 million to £69 million, with £2 million to be made immediately under a deal with Resource Capital Fund VI.
 
RCF and the other lenders have each agreed to standstill and restated agreements to allow the company time to...

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