logo-loader

NQ Minerals Ltd arranges A$6.5mln facility to help pay for Hellyer

Published: 01:03 27 Apr 2017 AEST

picture of gold bars
Hellyer has potenital US$1.3bn revenues over ten years

NQ Minerals Ltd (LON:NQMI)  has set up a A$6.5mln loan facility to help with the acquisition of the Hellyer gold mine in Tasmania.

The new facility is with a New Zealand private equity firm and carries an annual interest rate of 12% and is repayable within three years.

The facility is secured on the assets of the company and carries options over 49mln shares in the company at an exercise price of 8p per share, exercisable for five years.

The private equity group an also appoint a member to the board. 

NQ chairman Brian Stockbridge said: "Overall, the cash component that needs to be paid under the acquisition is A$20mln.

“To date we have secured finance totalling A$15mln and, as testament to the quality of the acquisition, there are a number of mining focused institutional investors and family offices that have undertaken detailed due diligence at the Hellyer site.” 

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

13 hours, 28 minutes ago