Mighty Kingdom Limited (ASX: MKL) Business Update and Debt Facility Announcement
Current Business Operations
Mighty Kingdom Limited (ASX: MKL) reported that its business operations are on track, with ongoing initiatives aimed at driving profitability. The company is also pursuing new corporate opportunities, with updates expected shortly. However, the proposed material acquisition and capital raising initiatives have been paused for now.
Debt Facility Overview
Mighty Kingdom has secured a commitment for a debt facility of up to $1.2 million. This facility aims to support the company’s working capital needs and is to be secured against R&D and DGTO rebates from state and federal governments. The commercial terms include a maturity date of April 18, 2025, or upon receipt of the aforementioned rebates, along with an interest payable of 20% on the face value, capitalised at drawdown.
Executive Commentary
The board confirms the company can meet all its debts as they become due and maintains compliance with relevant regulations. Non-Executive Chair David Butorac will continue in his role until a successor is appointed, with further announcements regarding board composition expected soon.
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