PERTH (miningweekly.com) – Base metals developer Heron Resources has completed a A$141-million equity funding package, as part of its greater A$240-million funding to develop the Woodlawn zinc/copper project, in New South Wales.
The company on Thursday said that the equity funding included a A$104-million cornerstone investor placement to Greenstone Resources and co-investors Orion Mine Finance Group and Castlelake LP, as well as a A$32-million institutional placement.
The equity funding package also included a A$5-million share purchase plan, of which some A$3.48-million was subscribed for by existing shareholders. The shortfall balance has been placed to various investors.
The outstanding component of the greater A$240-million raising includes a $60-million senior debt facility and a $16-million prepayment facility, both of which was being provided by Orion.
Heron said on Thursday that the company was working through the remaining conditions precedent on these facilities, including the establishment of underground mining and port facility contracts, and an independent engineers report.
At steady state, Woodlawn is expected to produce 70 000 t/y of zinc concentrates, 30 000 t/y of copper concentrates and 25 000 t/y of lead concentrates.