AVENIRA LIMITED Avenira Limited ('Avenira' or the 'Company') advises that a A$8.8 million finance facility has been secured to assist with the final stages of commissioning and ramp-up of the Baobab Phosphate Project in the Republic of Senegal.
Avenira's 80%-owned Gadde Bissik Phosphate Operations Suarl ("GBO") successfully secured the facility through CBAO Groupe Attijariwafa Bank.
The key features of the facility are:
Working capital facility
Amount: XOF 2 billion (A$4.4 million)
Interest rate: 6.75%
Term: 5 years
Repayment Terms:
No principal or interest repayments for 12 months
48 equal principal plus interest payments
Standard security arrangements over all GBO assets
Trade facility
Access to an additional XOF 2billion (A$4.4million) for the financing of export receivables, if required
GBO has drawn down on the working capital facility.
As announced on 28 December 2016, the commissioning and ramp-up of Baobab is continuing, with first shipment of phosphate product expected in Q1 2017.
Avenira Limited published this content on 12 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 January 2017 02:18:02 UTC.
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