Toro Energy Limited: A$12m MBL Facility - Tranche 1 proceeds of A$8m received
06.03.2013 | ABN Newswire
17:36 AEST Mar 6, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Western Australian focused uranium developer, Toro Energy Limited (ASX:TOE), is pleased to announce that it has received A$8 million from the drawdown of Tranche 1 of a A$12 million convertible debt facility ('Facility') with Macquarie Bank.
A further tranche of A$4 million is available to be drawn down until 30 June 2013, subject to Federal Government environmental approval being in place for the Company's wholly owned and advanced Wiluna uranium project in Western Australia.
As part of the Tranche 1 transaction, Macquarie Bank has been issued 42,253,521 three year options in Toro at an exercise price of A$0.142 per option.
Further details regarding the terms of the Facility were outlined in the Toro ASX announcement of 31 October 2012.
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