Shaw River Manganese Limited (Shaw River) (ASX:SRR) advises that it has entered into an unsecured loan facility agreement with Atlas Iron Limited (Atlas), which is a strong supporter of Shaw River’s manganese strategy. The loan facility agreement allows Shaw River to borrow up to AUD$4 million from Atlas to fund the company’s operating costs. It bears interest at 11% per annum, and is repayable in 12 months. As of 30 June 2013, Shaw River had cash of $930 000.
Shaw River operates a number of manganese projects in Australia and Internationally, with two projects located in Africa. Shaw River is currently focused on exploration, defining and increasing the mineral resource base and project studies, leading to the development of an open cut mining operation at its Otjozondu project, in Namibia.