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Red 5 secures loan facility for 5,015 ounces of gold, draws down A$8.2M

Red 5 Ltd. said Sept. 7 that it entered into a loan facility with Malaysian-based Asian Investment Management Services Ltd., for 5,015 ounces of gold.

The 12-month gold loan facility has been drawn down for net proceeds of approximately A$8.2 million.

The proceeds, together with cash-flow from existing operations, will be used to advance development at its previously acquired Darlot and King of the Hills, to maintain ongoing exploration at both mines and for general working capital purposes.

Red 5 had been considering a debt facility of A$10 million to A$15 million to provide additional working capital.