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"These new funds will be applied to working capital and effectively increase SPP's estimated available funds, on a pro forma basis, to $20 million at 30 November," SPP told the market.
"This cash position provides SPP with financial flexibility to continue its program to identify joint venture partners and other forms of financing to progress development of the Stuart Project."
SPP said discussions are continuing with a number of interested Asian and North American resource companies and other potential investors.
