Ord secures loan to fund Dampier takeover
PERTH (miningweekly.com) – ASX-listed Ord River Resources has secured a A$1.2-million loan facility with privately held Ozzy-Dig.
The facility would be available for a 12-month period, and first drawdown could be done once Ord River secured a 50.1% minimum acceptance of its takeover bid for joint venture partner Dampier Gold, or if the condition was waived.
In April, Ord River launched a takeover offer for Dampier Gold, offering the shareholders of that company six of its own shares and 0.5c in cash, for each Dampier share held.
The takeover offer would remain open until at least June 5, and was subject to a minimum acceptance condition, as well as shareholder and regulatory approvals.
Dampier has told its shareholders to hold off on taking any action regarding the offer, until the company had a chance to review the bidders statement.
Ord River said on Monday that the Ozzy-Dig facility could be drawn down to replace any cash that the company paid as part of the cash component of the takeover offer.
The loan facility would have an interest rate of 15% a year on the amount drawn down.
Meanwhile, Dampier on Monday introduced a number of cost-cutting measures to reduce company overheads, including issuing a redundancy notice to CEO Richard Hay.
The company said that further cost-cutting measures would be introduced at the "earliest opportunity".
Funds saved from the cost-cutting initiative would be directed towards reviewing investment opportunities, several of which have already been identified and were being evaluated.
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