() is set for a ?12.5mln cash-boost to help pay for drilling in Paraguay.
The World Bank?s International Finance Corporation (IFC) is investing the money, initially subscribing for ?9.375mln of new shares before the end of November. It has also agreed to invest a further ?3.125mln during 2014.
The IFC will subsequently own a 12.2% stake in company, and it will have the right to appoint a representative to the board.
According to President, the cash injection is to be focused on the planned 2014 drill programme at the Pirity block in Paraguay, as well as supporting the long term development and its investments in Paraguay.
"We are very pleased to have reached an agreement in principle with IFC, part of the World Bank Group. IFC's proposed involvement is a vote of confidence in 's work in Paraguay, management objectives, and prospects,? said chairman Peter Levine.
?It is also, importantly, a strong signal of support for the country of Paraguay.
?We welcome the expertise and valuable advice IFC possesses.
?We look forward to working with the IFC to continue to enhance shareholder value and to continue implementation of environmental and social best practice in Paraguay."
The IFC is part of the World Bank group; it is owned by 184 member countries, and its mandate is to stimulate and support economic development to ?allow people to escape poverty and improve their lives?.
It currently has investments in over 100 developing economies.
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