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LONDON (AFX) - Nettec PLC said it has lent a further 4 mln stg to the Newfound group of companies, which it is acquiring in a reverse takeover that was announced in April.
In today's statement, Nettec said negotiations with Newfound regarding the takeover continue and it is is confident that they will, in due course, be concluded satisfactorily.
As a result, Nettec has lent Newfound a further 4 mln stg to provide working capital for construction of chalets and apartments at its Humber Valley Resort, it said.
The loan is secured by a first-ranking mortgage over approximately 1,400 acres of the Humber Valley Resort.
Newfound was established in 1995 and its luxury resort interests include the Humber Valley Resort in Newfoundland.
Nettec in April granted Newfound a 6 mln usd loan to part fund Newfound's plans to buy around 600 acres of land on the island of Nevis as part of its investment in the Caribbean islands of St Kitts & Nevis.
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