PERTH (miningweekly.com) – ASX-listed Terramin Australia has struck a refinancing deal with shareholder Asipac Group to restructure a standby term facility.
The existing unsecured facility has now been increased from A$3.25-million to A$5.25-million on similar terms and will be secured in accordance with the terms of the existing facility.
Asipac has also agreed to increase its total debt facility to A$16.25-million, of which A$14.25-million has been drawn to date, which will enable Terramin to execute its corporate strategy while reviewing its long-term financing.
“The ongoing support by Asipac is highly valued and continue to provide financing flexibility for Terramin as we proceed with the company’s twin base and precious metals strategies,” said Terramin CEO Richard Taylor.
Terramin is currently undertaking a strategic review of its asset, which could result in the demerger of its gold assets from its base metals business. The strategic review will include its preproduction assets, exploration activities and cost structures in order to optimise Terramin’s ability to deliver on its 2018 and long-term goals.