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Terramin ups term facility to A$5.3M

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Terramin ups term facility to A$5.3M

Terramin Australia Ltd. unit Terramin Exploration Pty. Ltd. struck a deal to restructure and increase a standby term facility with major shareholder Asipac Group Pty. Ltd.

The company said Aug. 14 that the existing unsecured facility, to be secured in line with the terms of the existing facility, has been increased to about A$5.3 million from A$3.3 million.

Asipac agreed to increase Terramin's total debt facility to about A$16.3 million. The company said the "financing flexibility" will enable Terramin to execute its corporate strategy and review long-term funding options.