Vertex Minerals (ASX:VTX) has renegotiated its existing loan facility agreement for $3 million, while orchestrating a new loan facility for $1.5 million.
The company will use funding to progress underground development at the Reward Gold Mine in New South Wales, with a focus on building a steady rate of gold production and sales.
The renegotiated facility lists RBTN Investments, previously Rangwell Boys, as the new lender.
RBTN will loan $3 million over a 10-month term, rather than the initial 7-month term, for a fixed interest of $360,000 and around 14.40% each year, rather than the initial $240,000 and around 13.71% each year.
The second facility will be lent by Richsham Nominees over a 10-month term. The agreement has a fixed interest rate of $180,000, which is roughly 14.40% per annum.
Vert Capital will act as the manager for the second facility agreement.
Executive Chairman Roger Jackson says the company is “very pleased” with the negotiation of both funding facilities.
“I would like to acknowledge our lending syndicates for their long-term support, which reinforces the great qualities of the Reward Gold Mine,” Jackson says.
Vertex Minerals is a gold exploration company focused on discovery and development of the next generation of multimillion-ounce gold deposits in New South Wales.
Write to Maddison Elliott at Mining.com.au
Images: Vertex Minerals
