Aurora fast tracks funding

EMBATTLED Aurora Empowerment Systems, which is the preferred bidder for Pamodzi Gold's Orkney and East Rand mines, could fast track its access to funding, it emerged on Friday.

EMBATTLED Aurora Empowerment Systems, which is the preferred bidder for Pamodzi Gold's Orkney and East Rand mines, could fast track its access to funding, it emerged on Friday.

The company is poised to become the controlling shareholder in Labat Africa through the acquisition of an initial 45,7percent stake in the traffic control technology and electronic chip manufacturer.

Aurora, which was thought to be seeking a reverse listing into Labat, will now use this initial stake in the company as a means to tap funding from its new backer Swiss-based alternative investment firm Global Emerging Markets.

GEM has agreed to provide Aurora with the R725million needed to save its Orkney and East Rand deals and a further R725million to pump back into the assets to make them work. - I-Net Bridge

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