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Nickel development company Horizonte Minerals reported wider first-half losses on higher costs.
For the six month period to 30 June 2020, pre-tax losses widened to £2.7m from £1.1m on-year.
Finance costs jumped to £1.9m from 147K on-year.
The company detailed plans to raise US$325m through a senior debt facility to fund the development of Araguaia project as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project.
The closing of the facility, targeted for end of the calendar year 2020, remained subject to completion of due diligence, final credit approvals and execution of definitive facility documentation, the company said.
At 8:00am: (LON:HZM) Horizonte Minerals PLC share price was 0p at 4.15p