PERTH (miningweekly.com) – ASX-listed Troy Resources has secured a further $8.07-million in funding to help fund the restart of its Karouni mine, in Guyana.
The company on Friday told shareholders that it had entered into a gold loan facility of 5 200 oz with Malaysia-based Asian Investment Management Services.
The facility provides for a gold loan of 5 200 gold oz available in one or more tranches as required by the company, over a 12-month term, and is secured by a general security interest over Troy’s assets.
Troy noted that along with the funding secured in December last year, the new loan facility will be used to restart production at Karouni.
The company in December made a placement of 40-million fully paid ordinary shares, at a price of 10c each to two of its largest shareholders, raising a combined A$4-million.
“We are pleased to have finalised the gold loan facility required for continued operations. With sufficient funds now at our avail, our sole focus can return to the task of producing gold,” said Troy MD Ken Nilsson.
Operations at Karouni were suspended in October of last year following a fatality at the mine, and the issue of a Cease Work Order from the Ministry of Social Protection forcing a cease on all mining and milling activities.