Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
Finders Resources (AIM, ASX: FND) said following completion of the recent equity raising, it has repaid the US$5.0 million loan and accrued interest from Meridian International Capital Ltd. The loan was due to mature on December 31 2009.
The group's remaining interest-bearing debt totals US$2.4 million, comprising the US$1.5 million convertible note maturing January 19 2012 and US$0.9 million owing pursuant to the forward sale and purchase of copper cathode which is expected to be repaid in the next two months.
Managing Director Chris Farmer commented: "The discharge of this debt, and its related security over the company's assets will greatly simplify ongoing negotiations to secure senior debt facilities and increase our flexibility for financing construction and development of the full scale Wetar Copper project."