Polymetals extends Working Capital Facility
Key points
- Extended working capital facility with Ocean Partners UK
- Total facility increased to US$20 million
- Funds to support development and exploration activities
- Interest rate set at 5% per annum
Full summary
Polymetals Resources Ltd (ASX: POL) has announced an extension of its working capital facility with trading partner Ocean Partners UK, increasing the total facility to US$20 million. This follows the replacement of the Endeavor Mine Rehabilitation Bond and lower-than-expected revenue. The additional funds will be used for the development of new mining areas, exploration, and ongoing operations. The facility carries an interest rate of 5% per annum.
Guidance
Polymetals expects to utilize the extended working capital facility for development and exploration.
Outlook
The company remains on schedule for December quarter operations and anticipates the release of an updated Mine Reserve statement.
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