The company has repaid a principal amount of US$16.821 million (~A$24.7 million) together with accrued interest for the June 2020 quarter of US$419,000 (~A$600,000) ahead of schedule.
Made possible by entitlement offer
Repayment of the term debt in advance of its scheduled maturity in October 2020 was made possible by the company’s recent A$40.3 million entitlement offer.
Managing director and CEO Wayne Heili said: “Repayment of the debt in full has been made possible through the support of our shareholders and we would like to thank sincerely all investors who participated in the recent entitlement offer, particularly our long-term shareholders.
“Extinguishment of the term debt places Peninsula in the enviable position of being the only ASX-listed uranium mining company with a production re-start ready mine, long-term uranium sale contracts, direct exposure to the proposed US Government uranium buying program and a clean balance sheet.”
Release and discharge in progress
The release and discharge process of the security previously held by the lenders is in progress and the company anticipates that this will be completed by the middle of this month.
The term debt was held by Resource Capital Fund VI LP (RCF), Pala Investments Limited and the Piperoglou Family Interests.
The company has thanked each of RCF, Pala and the Piperoglou family for their collective debt support since April 2016.