Terramin secures funds for gold buy
KALGOORLIE (miningweekly.com) – ASX-listed junior Terramin Australia has secured the financing necessary to acquire the Bird-in-Hand gold project, in South Australia, from fellow-listed Maximus Resources.
Terramin in July reached an agreement to buy the Bird-in-Hand project from Maximus Resources for A$3.5-million in cash and 25-million shares, as well as a 0.5% royalty on future gold production. The project was acquired along with a portfolio of prospective Adeliade Hills tenements.
The company said on Thursday that it had executed a committed letter of offer for a A$1.8-million facility from its major shareholder the Asipac Group, to acquire the project and to fund development studies.
The short-term facility has been provided for a term of 18 months from first drawdown on commercial arm’s length terms, including an interest rate of 7% a year.
Terramin told shareholders that the provision of the loan facility meant that the company had satisfied the financing condition for the acquisition of the Bird-in-Hand project.
The project is located around 30 km from Terramin’s existing mining and processing facilities at the Angas zinc mine, and has a resource of some 598 000 t at 12.3 g/t gold, for 237 000 oz of gold.
Maximus noted that the debt funding paved the way for the initial cash payment along with the issue of 25-million Terramin shares, following the transfer of the tenements to Terramin. The proceeds from the sale would allow Maximus to continue to focus on the company's existing base metal and gold exploration programmes, as well as placing it in a position to assess new acquisition opportunities.
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