The Conversation (0)
February 06, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has now met all Tranche 1 conditions precedent of the senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1.
Key details of the Tranche 1 funding include1:
- Drawdown of Tranche 1 of the Loan Facility, which is USD18 million, is scheduled for this Friday, 9 February 2024.
- As a part of the Tranche 1 facility the following will be replaced and repaid, with settlement agreed between all relevant parties for Friday, 9 February 2024:
- Cloncurry Rehabilitation Bond: approximately A$13.47 million to be held on term deposit paying approximately 5% per annum interest, with bank guarantees to be issued to satisfy the Company’s obligations with respect to rehabilitation bonding requirements; and
- Dyda Property Management short term working capital loan: approximately A$5.32 million repaid in full.
- Settlement is managed by TNC’s legal representation across this matter, which includes law firms Holding Redlich & Steinepreis Paganin.
Please refer to TNC ASX Announcement, 31 January 2024 TNC secures A$42million funding for full details of the Loan Facility and its terms.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
We have now met all conditions precedent associated with Tranche 1 of our loan facility with Nebari. This achievement clears the way for the first drawdown of USD18 million, which is scheduled for this Friday, 9 February 2024.
We are looking forward to partnering with Nebari as we bring our Cloncurry Copper Project into production.
We are incredibly proud to be working alongside international top-tier funding partners like Nebari and Tembo Capital and our toll processing and offtake partner Glencore International AG, who are all global leaders in their field. Their expertise and support have been crucial in our development and demonstrate what I believe is a strong vote of confidence in our Cloncurry Copper Project and its potential.
We’re excited about restarting mining at the Cloncurry Copper Project, at a juncture when the global market is facing a looming copper supply gap.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TNC:AU
INN Article Notification
11 October 2024
True North Copper
On the path to becoming Australia’s next responsible copper producer
On the path to becoming Australia’s next responsible copper producer Keep Reading...
18h
Top 5 Copper Reserves by Country
Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.Due to its importance in construction, energy transmission and new technologies, copper is a critical metal... Keep Reading...
16 April
Ground Magnetics Underway at Agdz Cu-Ag Project
Aterian plc (AIM: ATN), the Africa-focused critical metals exploration company, is pleased to announce the commencement of a ground-based magnetic geophysical survey at its 100%-owned Agdz Copper-Silver Project ("Agdz" or the "Project") in the Kingdom of Morocco ("Morocco").The programme... Keep Reading...
15 April
AFDG - Copper Intelligence, Inc. Announces Board of Director Additions
Copper Intelligence Inc., is honored to announce additions to its Board of Directors.Jean Bosco Kanku Kalumbu is a multidimensional leader with extensive experience in international pastoral leadership, humanitarian diplomacy, strategic lobbying, and executive management within the mining sector... Keep Reading...
15 April
Nine Mile Metals Announces Private Placement of up to $1 Million
Nine Mile Metals Ltd. (CSE: NINE,OTC:VMSXF) (OTC Pink: VMSXF) (FSE: KQ9) ("Nine Mile" or the "Company") is pleased to announce a non-brokered private placement financing for gross proceeds of up to $1,000,020 through the issuance of up to 7,143,000 units of the Company (each, a "Unit") at a... Keep Reading...
09 April
Commencement of Work at KCB, Botswana
Aterian plc (LSE: ATN), the critical minerals exploration and development company, is pleased to announce the commencement of a soil geochemical programme over its licence PL2622/2023 ("Project") within the Kalahari Copperbelt ("KCB") located in the northwestern region of the Republic of... Keep Reading...
09 April
KGL Secures US$300 Million Streaming Deal with Wheaton for Jervois Project
KGL Resources (ASX:KGL,OTCPL:KGLLF) has entered into a US$300 million precious metals purchase agreement with royalty and streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM). The move will help fund the development of KGL's Jervois copper project in the Northern Territory.The agreement,... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00