PERTH (miningweekly.com) – Junior metals developer Havilah Resources has secured a A$6-million standby facility from Invetec, which the company would use as a contingency measure to manage cash flow over the next 12 months as work is completed on permitting for its North Portia gold project.
Havilah is due to receive A$17-million over the next 12 months as the permitting of North Portia is completed and approved under a divestment agreement.
The ASX-listed company said on Friday that the timing of these divestment proceeds was subject to various permitting approvals, and not within the company’s control.
“This facility provides us with financial flexibility to ensure we can continue to progress the execution of our copper strategy, enhanced by cobalt,” said Havilah CEO Water Richards.
“Investec has been very supportive since the start of our relationship in 2015 and we appreciate their continued backing.”
The Investec facility will have its interest set at the floating bank bill swap bid rate plus a credit margin, and the company will be issued with a potential ten-million three-year unlisted options in Havilah, depending on the actual use of the facility.