Toro Energy Limited - Secures A$12 Million Funding
25.02.2013 | ABN Newswire
09:39 AEST Feb 22, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Adelaide, Australia (ABN Newswire) - Toro Energy Limited (ASX:TOE) is pleased to announce that full legal documentation for an A$12 million convertible debt facility ('Facility') from Macquarie Bank Limited has been finalised.
Tranche 1 of the facility, $8 million, is available to be drawn down before 31 March 2013. Tranche 2, $4 million, is available to be drawn down until 30 June 2013, subject to satisfactory completion of usual conditions for this type of facility. In particular, draw down of tranche 2 requires Federal Government environmental approval to be in place.
Further details regarding the terms of the Facility were outlined in the TOE release dated 31 October 2012.
The Facility increases Toro's available working capital to A$16.2 million (based on A$4.2 million cash as at 31 January 2013) and maintains Toro's strong funding position over the course of negotiations with potential project partners.
About Toro Energy Limited:
Toro Energy is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro’s flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.
Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.
Contact:
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au