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Walkabout Resources to pay off bridging loan due to strong cash position

Options that expired 31 December 2019 have been exercised providing a cash injection for the company.

Walkabout Resources Ltd - Walkabout Resources to pay off bridging loan due to strong cash position
Walkabout is developing its fully-permitted Lindi Jumbo Graphite Project in Tanzania

Walkabout Resources Ltd (ASX:WKT) has revealed that it has sufficient cash reserves to repay its bridging loan in full.

In mid-December 2019, Walkabout noted it was negotiating the amendment to the bridging loan which matured on 31 December 2019.

Due to the significant amount received from the exercise of the company’s $0.15 options that expired on 31 December 2019, it has sufficient cash to repay the bridging loan in full.

The final balance of the bridging loan will be repaid in the next few days and the company expects to have $4.3 million cash following repayment.

Raising US$40 million to develop Lindi Project

Walkabout continues to pursue an international funding process seeking to raise US$40 million to fund the development of the fully-permitted Lindi Jumbo Graphite Project in Southeast Tanzania.

This ongoing process, which is being carried out through Pareto Securities, has involved a series of management presentations to global investors and subsequent due diligence.

Quick facts: Walkabout Resources Ltd

Price: 0.135 AUD

ASX:WKT
Market: ASX
Market Cap: $47.13 m
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Watch

Walkabout Resources' updated DFS designed to reduce start up risks for Lindi...

Walkabout Resources Ltd (ASX:WKT) executive director Allan Mulligan talks Proactive Investors through the enhanced outcomes of an updated Definitive Feasibility Study (DFS) for the Lindi Jumo Graphite Project in Tanzania. Mulligan explains that capital costs have been reduced, and that...

on 12/3/19

2 min read