Amedeo has agreed a loan of $800,000 to MGR Resources Pte. The facility bears interest at 10% per annum and is intended to be used for working capital.

Amedeo says the iron ore price has been rising since its lows (around US$38 per tonne) at the end of 2015 and now is over US$70 per tonne. This rise has led to increasing opportunities in the iron ore market which MGR intends to take advantage of. MGR has an existing US$400,000 loan from Amedeo.

At 3:29pm: (LON:AMED) Amedeo Resources share price was 0p at 26.5p