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Vango Mining receives commitment for A$4.5M funding from directors, shareholders

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Vango Mining receives commitment for A$4.5M funding from directors, shareholders

Vango Mining Ltd.said April 12 that its directors and major shareholders have agreed to commit A$4.5million toward a total debt facility of A$6 million.

The proceeds will be used to fund mining on the gold project in WesternAustralia and to make the A$2.2 million payment to Dampier Gold Ltd. for the latter's remaining in the project.

The remaining A$1.5 million of the debt facility will be placedwith outside parties when required, the company said.

The loan facility will run for a maximum of 24 months and thecompany has the option to repay the total debt after a minimum of six months.