PERTH (miningweekly.com) – ASX-listed gold miner Troy Resources has restructured its revolving debt facility with Investec Bank, extending the maturity date by six months to the end of December 2018 and reducing the March and June quarter repayments.
A $2-million repayment was now due at the end of March, while a further $3-million repayment will be made at the end of June. Between September and March next year, Troy will repay a further $9-million over three equal instalments, with a further $15.19-million payable between June 2018 and December 2018, also in three instalments.
Investec and Troy have also agreed to a reduction in the mandatory hedging requirements to 40 000 oz over a 12-month period, and a reduction in the minimum liquidity requirements to A$7.5-million until the end of July 2017, after which it will be restored to A$10-million.
As part of the consideration for the provision of the facility, Troy has agreed to grant some 28.5-million options to Investec, with an exercise price of 18c each and a two-year term.
The ten-million options previously issued to Investec will be cancelled.