Financier fails to provide funding for GBM’s Mt Coolon redevelopment

Junior GBM Resources is weighing its options after its financier, National Federal Capital (NFC), failed to deliver on a loan agreement. The two parties in October entered into a A$10-million loan agreement to advance the redevelopment of the Mt Coolon gold project, in Queensland. Under the terms of the agreement, the UK-based NFC would have advanced the first tranche of A$5-million by November 21, with the second tranche of A$5-million due by the end of February.