PERTH (miningweekly.com) – ASX-listed junior RNI has reduced its debt facility with Taurus Resources No 2 Fund by A$1-million.
The A$1-million repayment was a condition of Taurus agreeing to extend the repayment deadline of an existing A$23-million debt facility until RNI was able to complete the sale of its gold assets to fellow-listed Metals X.
In July, RNI reached an agreement with Metals X to divest of its Grosvenor and Horseshoe projects, as well as part of its Peak Hill project, in exchange for 18-million fully paid Metals X shares, valuing the transaction at A$20.3-million.
Meanwhile, the junior miner had also paid A$50 000 to Ascidian Prospecting to extend its option to acquire the Doolgunna copper/gold project, in Western Australia.
RNI was planning a systematic drilling campaign and exploration programme at Doolgunna, which would focus on a series of high-priority targets within three prospective volcanic hosted massive sulphide corridors.