Pantoro refinances debt ahead of Tulla merger
PERTH (miningweekly.com) – ASX-listed Pantoro has secured a A$55-million four-year senior secured loan facility with US investment manager Nebari Partners to refinance and replace its existing debt facilities.
The loan facilities will fully refinance Pantoro’s existing A$25-million senior secure facility with Global Credit Investments as well as ASX-listed Tulla Resource’s existing $24-million debt facility with Nebari.
Pantoro and Tulla earlier this year struck a merger agreement under which Pantoro would acquire Tulla to gain full ownership of the Norseman gold project, in Western Australia, creating a new mid-cap gold company.
Under the merger, Tulla shareholders will receive 4.96 Pantoro shares for every Tulla share held, implying a 24.7% premium to the company’s last closing price. The merger would see Pantoro shareholders holding a 51.5% interest in the merged entity, with Tulla shareholders holding the remaining 48.5%.
“Pantoro is delighted to have secured the financing support of Nebari Partners,” said Pantoro MD Paul Cmrlec on Monday.
“Nebari has been involved with the Norseman project through the construction and ramp-up phase of the project via their facilities with Tulla. During that time, Nebari has demonstrated a strong understanding of the industry and challenges involved in bringing new projects to fruition, building on its reputation as a highly respected and experienced financier of precious metals and other mining projects globally. We look forward to working with Nebari in the operational phase of the project.”
The loan facility is subject to certain conditions precedent, including completion of the merger, with funds expected to be drawn on June 30.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.
VISIT SHOWROOM
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
