Blackwood (ASX:BWD) has increased its draw down facility with its majority shareholder Noble Group to $6.5 million.
Under the agreement, the loan facility is being increased from $5 million to $6.5 million, providing the company with an additional $1.5 million in funds for working capital.
The repayment date of the facility has also been extended to 30 June 2013.
Blackwood is an emerging Australian energy resources company with primary focus on the exploration and development of its coal tenement in Queensland.
Blackwood through its subsidiary Matilda Coal, holds tenure over 5,500 square kilometres in the coal basins such as Galillee, Surat and Bowen Basins in Queensland.
It has established seven priority projects and 10 pipeline projects.
Last quarter, it expanded the JORC exploration target at the South Pentland project to 3.6 to 5 billion tonnes and now has a combined total of 5 billion to 6.9 billion tonnes of JORC exploration targets from its South Pentland, Taroom, Chinchilla and Bymount projects.
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