Integra Mining Limited (“Integra” or “the Company”) is pleased to advise that it has secured a revolving cash advance facility of $20 million from its project financiers BNP Parabas and Westpac Banks.
The facility is intended to replace the existing project finance facility and will provide Integra with the financial capacity for opportunistic acquisitions.
Integra’s total project debt is currently $8.4 million (down from an original $45 million) and is a very low level of gearing given the Randalls Gold Project has a defined 6 year of open pit mine life and the massive 1.9Mt stockpile containing over 90,000 ounces of gold at a grade of 1.53 g/t gold for which the mining cost has already been paid.
The $20 million revolving cash advance facility, together with the recently announced $25 million placement (ASX Release 12th July 2012) places Integra in a strong financial position and will predominately be used to fast track exploration, repay debt, fund acquisitions and for working capital purposes.
IGR Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
