Assignment and Extension of $750,000 Short Term Funding Agreement

AuKing Mining Limited (ASX: AKN) advises that the short term $750,000 funding agreement announced on 19 April 2024 has been assigned and extended for a further four months.

AuKing’s Managing Director, Mr Paul Williams, advised that the Company’s Chairman, Mr Peter Tighe had acquired the loan facility rights from Evolution Capital Pty Ltd and agreed to provide a further four month extension of time for the loan to be repaid by the Company. He said this was a significant show of support in the Company by its Chairman and now allows the proposed rights issue capital raising to proceed without allocating funds from that raising to debt retirement. Details of the rights issue will be made available to shareholders shortly.

The primary revised terms of the short-term loan facility are as follows:

Lender: Mr Peter Tighe (having purchased these rights from Evolution Capital Pty Ltd)

Facility Limit: A$750,000

Term: 30 November 2024 (“Due Date”)

Interest: 15% per annum payable monthly in arrears (note the annual rate previously was 30%)

Purpose of Loan: Working capital and initial project funding

For more information, please contact:
Paul Williams Managing Director
Mobile +61 419 762 487
p.williams@aukingmining.com

Click here for the full ASX Release

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