Heron Secures A$240 Million Funding Package for its Woodlawn Zinc-Copper Project

Heron Resources Limited (ASX:HRR,TSX:HER) announced that a full A$2403 million funding package required for the construction and ramp-up of its Woodlawn Zinc-Copper Project has been secured.
According to the press release:

Highlights:

• Heron to be fully funded through construction and ramp-up at Woodlawn
  US$60 2 million senior secured loan facility, US$16 million silver stream prepayment and A$29 million
  equity investment from Orion Mine Finance
• Strong support from existing shareholder Greenstone Resources, providing a further A$42 million
  equity investment
• Introduction of new strategic investor Castlelake, L.P., providing a further A$33 million equity investment
• A$32 million raised from new and existing investors in oversubscribed placement
• Up to A$5 million Share Purchase Plan to allow eligible existing retail shareholder participation
• Transaction is subject to various conditions precedent including Heron shareholder approval and Castlelake FIRB approval
• Heron’s Independent Directors unanimously recommend shareholders vote in favour of all resolutions at a planned General Meeting in August
• Heron to commence construction works immediately with first production targeted during late 2018

Click here for the full press release.