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Walkabout secures A$5M for graphite project development

Walkabout Resources Ltd. said Oct. 9 that it secured a A$5 million short-term bridging debt facility from unrelated shareholders and a director.

The loan will fund operating costs and development costs for Walkabout's Lindi Jumbo graphite project in Tanzania while it finalizes a debt-based project funding facility with International Investment Bank.

Interest will accrue at 14% per annum, and the loan term is until Dec. 31.

The investors will receive five options priced at 35 Australian cents each for every A$1 they lend to the company.

The put facility of the options, if exercised, will raise up to A$8.8 million, which is expected to complement the funding package from International Investment Bank.

Walkabout Chairman Trevor Benson said the facility will allow the company to finalize financing for Lindi Jumbo.