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Alkane subsidiary secures A$14M loan facility, hedges gold output

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Alkane subsidiary secures A$14M loan facility, hedges gold output

Alkane ResourcesLtd. subsidiary TomingleyGold Operations Pty. Ltd. secured a A$14 million credit approved loanand entered a hedging facility, which will be applied to working capital and repayingan existing A$4 million facility.

The agreement with Macquarie Bank Ltd. comprises a A$7 millionloan facility repayable by June 30, 2017, a A$7 million performance bond facilityrepayable by Sept. 29, 2017, and an Australian dollar gold hedging facility of 72,633ounces.

The company hedged 48,633 ounces at A$1,715 per ounce and 24,000ounces at A$1,618 per ounce.

The facility will be secured by a general security interest overall of the subsidiary's assets and supported by a guarantee provided by Alkane.

Alkane is also looking to raise about A$16 million to advance the Dubbo zircon project in New South Wales, Australia.