Final Debt Repayment of Investec Loan Facility
Adelaide, Nov 30, 2016 AEST (ABN Newswire) - Havilah Resources Limited (
ASX:HAV) ("Havilah" or "Company") is pleased to announce that it has made the final repayment on the $6.0 million Loan Facility provided by the Investec Group ("Investec"). Havilah is now debt free, seven months after the first gold pour at the Portia Gold Mine and four months before the final repayment is due.
Havilah drew down $4.0 million of the $6.0 million facility during construction of the Portia processing plant and the ramp up to first gold production.
Commenting on the final debt repayment, Managing Director, Dr Chris Giles, said:
"This means Havilah will be entering 2017 debt free and building its cash reserves on the back of continuing gold production from Portia.
"We are very grateful to Investec for its support over the last 14 months, in providing us with the funds to construct the processing plant and are pleased to have met our repayment obligations ahead of time" he said.
About Havilah Resources Ltd
Havilah Resources Ltd (ASX:HAV) is a debt free South Australian gold producer having recently financed and developed its first gold mine at Portia in north-eastern South Australia. It plans to follow on with three copper-gold-cobalt mining developments at North Portia, Kalkaroo and Mutooroo, which are underpinned by a JORC resources mineral inventory of over 1.4 million tonnes of copper, 3.6 million ounces of gold, and 18,000 tonnes of cobalt.
| ||
|
