https://www.miningweekly.com
Business|Financial|PROJECT|Resources
Business|Financial|PROJECT|Resources
business|financial|project|resources

Walkabout secures bridging finance

9th October 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Graphite developer Walkabout Resources has secured a A$5-million short-term bridging debt facility from some investors and a company director to meet due diligence and operating costs as the company continues the development of its Lindi Jumbo project, in Tanzania, and finalizes its debt-based project funding facility.

The funding will be advanced in two tranches, with the first A$2.96-million to be provided within five business days, and the balance within five days after the receipt of shareholder approval for the ratification and issue of bridge options and the possible conversion of the bridge debt into shares.

The bridging loan facility will have an interest rate of 14% a year and will run until the end of December this year. If Walkabout is unable to repay the financing through proceeds from the exercise of options, the remaining debt will be satisfied through a share issue.

Walkabout chairperson Trevor Benson on Wednesday said that the financial support from shareholders would enable the company to maintain momentum towards the development of the Lindi Jumbo project, and to finalise project financing.

“The bridging loan, through the exercise of the options, provides a substantial component of the required equity essential to accessing the proposed debt facility,” he noted.

Edited by Creamer Media Reporter

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.198 0.237s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: