06:58 AM EDT, 10/16/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) on Wednesday said it has entered into a non-dilutive secured credit facility of 7 million British pounds with Vision Blue Resources to develop its South Crofty tin project in Cornwall, U.K.

The proceeds of the facility will be used for the company's general operating and corporate purposes.

"We plan to generate value by unlocking the project's potential as a long-term supplier of tin needed for electrical applications in the UK and Europe," Cornish Metals ( SBWFF ) CEO Don Turvey said.

Vision Blue owns about a quarter of Cornish Metals ( SBWFF ).

Cornish Metals' ( SBWFF ) share price at last look rose 6.2% to 7.75 pence in London trading on Wednesday.