This is what I have - US$32 million, (Below) ASX ANNOUNCEMENT /...

This is what I have -

US$32 million, (Below)

ASX ANNOUNCEMENT / MEDIA RELEASE

CORPORATE
Acquisition of Senior Secured Debt Facility – Alita Resources Limited

Galaxy executed an agreement to acquire the senior secured loan facility (“Facility” provided to Alita Resources Limited (ASX: A40, “Alita”.

Pursuant to a Sale and Purchase Agreement and a Transfer Certificate, the rights, title and interest of the Facility, with principal value of US$28.8 million, were assigned and novated to Galaxy.

The total amount assigned and paid, including all accrued interest, fees and costs was US$31.1 million.
Appointment of Receivers & Managers to Alita Resources Limited

On 28 August 2019, the Alita Directors resolved to appoint Richard Scott Tucker and John Allan Bumbak of KordaMentha (“administrators” as administrators of the company.

Following this appointment, Galaxy appointed Martin Jones, Matthew Woods and Andrew Smith from KPMG as receivers and managers (“receivers” of Alita and certain of its subsidiaries pursuant to the Facility.

Galaxy continues to work with the receivers and administrators to determine a course of action for the Alita Group. In September, the Supreme Court of Western Australia approved an extension of the convening period until 11 December 2019.

Cash and Debt

Galaxy had cash of US$169 million and debt of US$32 million as at 30 September 2019.

FINANCIAL

A one-off cash outflow incurred in the quarter with the purchase of the Alita Facility. Transaction consideration was funded through a drawdown on Galaxy’s pre-existing debt facility.

Reference –

GALAXY RESOURCES. (24-10-2019) SEPTEMBER QUARTER 2019 p.06
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