Tengri Resources to raise funds, repay loan notes

Tengri Resources (TEN), up 154% to 4.12p after it raised &pound100,000 at 5p a share for administrative expenses and to seek a reverse takeover deal. The company also proposed a £650,000 convertible loan funding.

It was also in advanced talks about repayment of outstanding loan notes held by Robust Resources.

"In return for Robust relinquishing its Loan Notes in full, it is expected that the company will agree to pay $200,000 from existing cash resources to Robust and, simultaneously, sell to Robust the entire issued share capital of its 100%-owned gold exploration subsidiary, Prospech Limited for a nominal value of £1," Tengri said in a statement.

"The repayment of the Loan Notes would leave the Company entirely debt-free and recapitalised via the Placing. It is expected that the Robust Settlement will be completed and announced imminently."

At 9:49am: (LON:TEN) Tengri Resources Ord 5p di share price was +2.38p at 4p