Singapore, 15th July 2020 – Pelagic Resources Pte Ltd is pleased to announce that it has secured a USD 5 million STF facility from Teybridge Capital, to support the working capital requirements of its expanding trading book.
The facility was structured and managed by Mercature Trade Finance, and it comes only 2 months after Pelagic received a USD 5 million Term Participation from the same group.
This uncommitted Structured Trade Finance credit line gives Pelagic the necessary liquidity to support its expanding trade flow of chrome ores concentrates, as well as the flexibility to diversify into new commodities.
“We are pleased to once again conclude a successful financing exercise with Teybridge and Mercature. Their ongoing trust and support, especially during a very challenging period in the global financial markets have been transformational for Pelagic. Their thorough understanding of commodities as well as Africa, combined with their professionalism and execution speed, make them an ideal funding partner for companies such as ours.” said Pelagic’s group CFO, Dinos Demetriades
“We are wholly committed to supporting Tom Baring’s commodity enterprises” said Mercature’s Managing Director, Eric Finaughty
“Teybridge Capital are delighted to once again be able to participate with Pelagic Resources Group and trust that this participation will lead to further the growth of this dynamic group and also contribute to the strengthening of its position as a global trade partner” said a spokesperson for Teybridge.
The Pelagic Resources Group (“Pelagic Resources”) is an established global physical commodity merchant, headquartered in Singapore with offices in South Africa, Zimbabwe & China with a core focus on speciality metal ores. Pelagic was founded in 2016 and has since marketed over 1 million tonnes of chrome concentrates to China, Europe, India and the USA.
Teybridge Capital Ltd (“Teybridge”) is a British Virgin Island domiciled focussed on the provision and facilitation of working capital solutions for international trade to its global client base.
Mercature Trade Finance (Pty) Ltd is a South African company that specialises in arranging, placing and managing structured trade and commodity finance facilities for its clients.
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