Walkabout Resources Secures US$25 Million Loan Agreement with Gemcorp Investment Committee
Perth, Australia - Walkabout Resources Ltd, a leading mining company, has announced the execution of a final loan agreement with Gemcorp Investment Committee. The US$25 million senior debt facility has a fixed interest rate margin of 14% for the first tranche of US$20 million and 16% above the Secured Overnight Financing Rate (SOFR) for the final tranche of US$5 million. Walkabout Resources can access the facility until March next year, with the first drawdown expected to be available shortly to pay off initial construction funding for the Lindi Jumbo project.
This loan agreement represents a significant move for Walkabout Resources, as it will allow them to avoid equity dilution, providing benefits to shareholders over the medium to long term. The senior debt facility spans three years, with Gemcorp entitled to a percentage of free cashflow after debt servicing for the agreed period. This financing structure reflects Walkabout Resources' commitment to ensuring that the interests of all stakeholders are given utmost priority.
The loan agreement is a result of the strong working relationship between Walkabout Resources and Gemcorp Investment Committee.
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The financing structure, which covers a senior debt facility for the Lindi Jumbo project, will boost Walkabout Resources' financial position, allowing them to achieve key objectives without compromising long-term growth and profitability.
Walkabout Resources is optimistic about the potential of the Lindi Jumbo project, and the loan agreement with Gemcorp Investment Committee reinforces this outlook. The fixed interest rate margin and the facility's availability for drawdown until March 2024 makes it a favourable financing option.
As Walkabout Resources continues to make strides towards achieving its goals, the final loan agreement with Gemcorp Investment Committee has placed them in a strong financial position. The successful negotiation of this agreement underscores the company's commitment to sustainable growth and creating shareholder value.
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