The funds will also be used for working capital, including the land acquisition process (LAP) and normal operating expenses.
In September, the firm struck a loan facility agreement with BKT for a two year secured credit facility of up to $40mln comprised of principal of around $33.67mln, of which the firm has received $30mln.
In November 2016, BKT notified the firm it was not in a position to advance the remaining available principal of $3.67mln and Aldridge is now in discussions with BKT to obtain the final advance, believing it is firmly in compliance with its obligations under the loan.
Aldridge also said it was looking at ways of obtaining interim financing to replace the cash shortfall created by BKT not advancing all funds and to provide additional cash required to fund the completion of LAP and administrative activities leading to full project financing.
Among options being considered are senior and subordinated debt, equity, metal streams, off-take agreements and strategic investments, it said.
The net loss for the nine months was around $3.31mln against a loss of $4.41mln last year. The firm had cash of $2.79mln (2015: $5.75mln).
The wholly owned Yenipazar project is a polymetallic volcanogenic massive sulphide (VMS) body that hosts a gold-silver-copper-lead-zinc mineral deposit in central Turkey.
Story by ProactiveInvestors