Hazelwood Resources Ltd (Hazelwood) is pleased to announce that it has signed a Terms Sheet for a secured Revolving Trade Finance Facility for the purchase of inventory items for its majority owned ATC Ferrotungsten Project in Vietnam.
Under the non-binding Terms Sheet, LH Asian Trade Finance Fund Ltd (Lender) has agreed to provide up to $US6 million trade finance*, Hazelwood and the Lender are proceeding with the documentation of a formal, binding agreement, the final terms of which shall be announced following the finalisation of the documentation.
Entry into the Terms Sheet was facilitated by Bashan Resources Pte Ltd of Singapore (Bashan). Bashan has indicated that a further $US6 million of trade finance could be made available to a total maximum drawn amount of $US12m, subject to the satisfactory servicing of the initial trade finance facility.
Negotiations continue with local suppliers of tungsten feedstock. A consignment of locally sourced material has been delivered to the ATC Ferrotungsten Plant for analysis. This is in addition to a consignment of high grade wolframite concentrate that Hazelwood has procured from a Central Asian based producer.
It is with regret that Hazelwood Resources Ltd advises that Executive Chairman Mark McAuliffe retired from the Board of the company and its subsidiaries on 23 August 2011. Mr. McAuliffe retired for personal reasons.
Mr. McAuliffe was Executive Chairman from incorporation of the Company in 2006. He fulfilled the joint role of Chairman and Managing Director until late 2009 when the Company chose to split the two roles. As Chairman and formerly a legal practitioner, Mr. McAuliffe’s role in establishing the Company and assisting in the more complex aspects of international transactions for the Company has been of much benefit. The Company thanks him for his significant contribution.
Mr. Butler-Blaxell will assume the role of Executive Chairman.