Sundance Resources Limited (“Sundance” or the “Company”) wishes to provide an update to shareholders.
Litigation Funding
Negotiations with an international litigation funder (“Litigation Funder”) have been progressing and are expected to be finalised in the coming weeks. The funding will cover litigation costs against the Governments of Congo and, if required, Cameroon.
Short-term Funding
A legally binding term sheet has been executed between Sundance and a current stakeholder (“Investor”) to provide $1 million in short-term funding to Sundance (“Investor Loan”). Funds have been received by Sundance. This will ensure that Sundance can progress litigation while managing its working capital until the litigation funding is complete. This loan will reduce the loan requirements from the Litigation Funder.
