Ten Sixty Four Limited (ASX:X64) Receives US$10.5M Payment
Financial Progress
Ten Sixty Four Limited (ASX:X64) has received an initial cash payment of US$10.5 million from its subsidiary, Mindanao Mineral Processing and Refining Corporation. This payment is part of the Memorandum of Agreement with Philsaga Mining Corporation, previously announced on 9 January 2025. This funding will assist in clearing outstanding related party debts as outlined in the Global Intercompany Settlement Deed.
Future Steps
The receipt of these funds is a significant step towards advancing the effectuation of the Deed of Company Arrangement, as referenced in the announcement on 1 November 2023. Simon Theobald, Chief Executive Officer of Ten Sixty Four Limited, stated, “This initial cash payment will greatly assist in our financial restructuring efforts.” This transaction marks a crucial milestone for the company’s ongoing operational strategy.
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