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Bounty Mining extends working capital facility to A$35M

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Bounty Mining extends working capital facility to A$35M

Bounty Mining Ltd. said March 19 that it reached an agreement with Amaroo Blackdown Investments Pte. Ltd. and Amaroo Blackdown Investments LLC to extend its current working capital facility to a total available drawdown of A$35 million from the original A$20 million.

The amendments include A$5 million to be available each month until June and a requirement for Bounty to seek further shareholder approval by May 17 related to the proposed security over all its assets for an additional A$15 million.

In addition, the parties also agreed to an additional exclusivity period until April 18 to allow Amaroo to continue undertaking due diligence.

Meanwhile, Bounty can seek funding from third parties for the payment of A$7 million associated with the Cook asset acquisition, the settlement of a A$10.8 million environmental bond, working capital and the repayment of debt to Amaroo or its associated entities.