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Titan secures US$10M debt facility

Copper-gold producer Titan Minerals Ltd. said Jan. 2 that it entered into an unsecured debt facility of US$10 million with RM Hunter Fund Pty. Ltd.

The facility, which is part of Titan's previously announced capital raising plan, will accrue interest on the drawn amount at a fixed rate of 12% per annum and will be repaid by Dec. 31.

The terms of the facility also require Titan to issue US$500,000 of shares to the lender, subject to receiving all required shareholders' approvals. If the proposal is not approved, Titan will pay the amount in cash to RM Hunter Fund.

In December 2019, Titan said it would undertake an equity capital raising for about A$3.5 million and secure a further US$10 million via a credit facility when it announced its increased all-share takeover bid for Core Gold Inc.