Rizal Resources Corp. said June 1 that it entered into a term sheet with a syndicate of existing lenders to secure a debt facility of around US$8.1 million.
The company will use the funds to restructure existing debt and for additional working capital for its T'Boli gold project in the Philippines.
Under the terms, Rizal will issue share purchase warrants, enabling the holder to convert into an additional share at 5 cents for up to three years.
The company also struck shares-for-debt settlement agreements with its creditors, comprising 2,215,632 units at the same price for US$110,781.
