Nagambie Resources (ASX:NAG) Increases Working Capital Facility by $1 Million
Loan Facility Increase
Nagambie Resources Limited (ASX: NAG) has increased its flexible working capital facility with PPT Nominees Pty Ltd from $2.0 million to $3.0 million. This additional funding will support the new antimony-gold resource drilling program at the Nagambie Mine and provide additional working capital as required.
Facility Terms
The increased facility includes a principal amount of $3,000,000, a facility fee of $30,000, and an availability period until 13 September 2025. Interest is set at 10% per annum on the outstanding amount, payable quarterly in arrears. The company can draw down between $100,000 and $500,000 per month. The loan is secured by the company’s and its subsidiaries’ assets under a general security deed.
Board Decision
The Board of Nagambie determined that the offer from PPT to increase the loan facility was the most commercially beneficial option compared to equity funding or provisions from third-party lenders.
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