Great Panther Silver Ltd. accepted Beadell Resources Ltd.'s partial repayment of US$3 million for a US$5 million short-term loan Great Panther provided in December 2018 after agreeing to acquire Beadell.
To cut its debt, Beadell used the approximately US$10.3 million in tax refunds it received in Brazil, where its flagship Tucano gold mine is located. The loan terms allowed repayment from the tax refunds.
In addition, Great Panther said Jan. 14 that it extended the maturity date of the remaining US$2 million to March 18 to provide Beadell with additional funds for general working capital and operating requirements until deal completion.
If approved, the transaction is expected to close within two to three weeks after a vote by Great Panther shareholders on Feb. 11 and Feb. 12 for Beadell shareholders.