Exploration company Glencar has reported pre-tax losses of $6.7m for last year, compared with losses of $19.5m in 2001.
Since 2001, Glencar has been focused on the disposal of its Wassa gold project in Ghana and the elimination of debt accumulated through the project.
The company says it has finalised deals with its lenders and is close to achieving debt-free status. Under the new arrangements, Standard Bank London and CDC Group will each own around 12 million Glencar shares, representing about 8% of the company.
Glencar is also in talks about a private placing of new shares to raise up to $1m for exploration programmes. An AGM and EGM is to be convened in the coming weeks to vote on these issues.
