Wilton Resources secures US$13.5m project financing deal from a shareholder

CATALIST-LISTED Singapore gold-mining group Wilton Resources Corporation announced over the weekend that it secured a project financing arrangement last Thursday of US$13.5 million with an initial US$5 million credited to the company from Karl Hoffmann Mineral Pte Ltd.

This is to fund a 500-tonne per day flotation and carbon-in-leach mineral processing facility at the group's Ciemas gold project in West Java, Indonesia.

"The completion of the project financing arrangement is subject to the finalisation of certain ancillary terms," Wilton said in its regulatory filing with the Singapore Exchange.

Karl Hoffmann is a privately-owned Singapore-based investment and technology company specialising in gold mining in the Asia Pacific. The owner and chairman of Karl Hoffmann, Seah Cheong Leng , has more than 36 years' experience in petroleum, petrochemical, chemical and mineral industries, Wilton said in its release.

As at Oct 28 this year, Mr Seah has a direct shareholding interest in 8.21 per cent of the issued share capital of Wilton, making him a substantial shareholder of the company.

Wilton is engaged in gold exploration and mining, as well as production of gold dore.