Sundance Resources Limited’s
(ASX:SDL) Chinese suitor Hanlong Mining has officially secured two Financier commitment letters in a vital step towards completing its takeover bid.
The first letter from China’s Development Bank confirms the provision of a debt facility of up to $1.02 billion.
The second letter has been provided by the Bank of Deyang, confirming its agreement to loan the balance of the Scheme Consideration payable by Hanlong after the Development Bank loan has been applied.
The board of Sundance has concluded that both letters are acceptable for the purposes of the Scheme Implementation Agreement between the two company’s.
Sundance and Hanlong are working towards holding a scheme meeting where shareholders will be afforded the opportunity to vote on the terms of the scheme.
Sundance Resources recorded a net loss of $25.3 million in the 2012 financial year.
