UK’s Appian Capital Advisory in for Mayur Resources’ lime project

afr.com:

Small cap Mayur Resources is understood to have signed a term sheet with London-headquartered mining finance specialist Appian Capital Advisory, in a deal that is expected to finalise funding for its Central Lime Project in Papua New Guinea.

Mayur Resources is expected to resume trading on Wednesday morning. Louise Kennerley

Street Talk understands Appian, which has nearly $US4 billion in assets under management, has agreed to provide $US90 million to Mayur’s lime project, which would fund production at about 400,000 tonnes a year as well as further expansion. The financing is non-binding at this stage, and is expected to be announced as early as Wednesday morning.

It comes two days after Mayur said it has struck a deal to sell 49 per cent of the lime project’s equity for $US40 million, to Vision Blue Resources, a firm run by ex Billiton CFO Mick Davies. The interest was first announced in mid-August.

The third leg of funding, a $10 million cash injection, is understood to have been arranged via two of Mayur’s existing shareholders. Sources said it was primarily debt.

Put together, the three should see Mayur return to trading on the ASX after a week and aim for $US50 million revenue in the coming year. The company has a $73 million market capitalisation.

Appian recently raised $US2 billion for its Fund III and has investments in South America, North America, Africa and Australia.