Manuka Resources Advances Towards Production with Final Funding Drawdown
Key points
- Tranche 2 of $30 million funding facility fully drawn down
- Funds to support Wonawinta and Canbelego mining projects
- Gold processing expected to commence in mid-July, silver in late September
Full summary
Manuka Resources Ltd has completed the final drawdown of Tranche 2 of its $30 million senior secured term facility with Nebari Natural Resources Credit Fund II, LP. The $4 million drawdown will fund the Wonawinta silver and Canbelego gold mining projects. The company is progressing towards recommencement of production, with gold processing expected to start in mid-July and silver production targeted for late September. The company has also issued 8,232,731 warrants to Nebari as part of the funding agreement.
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