Silver Heritage steps closer to bridging financing gap

Silver Heritage chairman David Green says the company is close to completing negotiations which would bridge the financing gap for its Nepal-located Tiger Palace resort.

Mr. Green made the comments during an address at the company’s annual general meeting held this week.

In February, the ASX-listed casino operator announced the opening of the resort had faced unexpected delays and an overrun in costs. Causing a raise in the budget for the resort by A$18 million ($13.8 million) to $70.3 million, while delaying completion dates to August 2017 for hospitality areas, and November 2017 for the entire resort, including casino.

The company also asked for a temporary suspension on trading.

“We are conscious of the protracted period of suspension of the company’s shares, and the implications of such a lengthy suspension,” said Mr Green. “That said, we are not yet ready to request a resumption of trading. We will do so only when the Board is satisfied that we have identified the best available financing option, and are in a position to announce it to the market.”

In regards to funding alternatives, Silver Heritage CEO Mike Bolsover said that while “we are not quite there with a finalized funding solution… we are well advanced on several and our objective is to announced the preferred solution to you shortly.”