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Avesoro secures further US$8.5M working capital loan from majority shareholder

West Africa-focused gold producer Avesoro Resources Inc. entered into another loan agreement with its 97.90%-owner, Avesoro Jersey Ltd., comprising a working capital facility of up to US$8.5 million to fulfill the company's near-term cash flow needs.

The company intends to draw down the entire amount available under the new facility in the coming days and will use the funds for general working capital purposes, it said Dec. 12.

Following drawdown, total working capital loans provided by Avesoro Jersey to the company will be about US$55.7 million.

The new facility will accrue interest on the drawn amount at a fixed rate of 3.0% per annum, and will be repaid in full within 12 months following drawdown.

In October, Avesoro entered into a loan agreement with Avesoro Jersey for an unsecured working capital facility of up to US$5 million.