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Avesoro Resources secures another US$5M loan from majority shareholder

Avesoro Resources Inc. entered a loan agreement with its 72.9% shareholder Avesoro Jersey Ltd., or AJL, for an additional unsecured working capital facility of up to US$5 million in two tranches.

The company said Oct. 21 that it intends to draw down the first tranche of US$3.5 million in the coming days for general working capital purposes.

Following the drawdown of the first tranche, the balance of working capital loans provided by AJL to the company will stand at about US$45.7 million.

Meanwhile, the second tranche of up to US$1.5 million can be drawn until Dec. 31, at the mutual agreement of both parties.

The new facility will have to be repaid within 12 months following the drawdown of the relevant tranches.

The company had recently entered a loan agreement securing up to US$5 million from AJL to fund its near term cash flow needs.