NSL Consolidated Limited (Company, ASX:NSL, NSLO), is pleased to announce an update in regards to the MG Partners II LLC Senior Secured Loan (Magna).
As announced on 13 August 2015, the Company entered into a conventional secured funding loan agreement totalling A$5 million to allow/facilitate the construction, commissioning and operation of its Phase Two wet beneficiation plant.
The Company commenced utilisation of the loan tranches, with a total principal amount drawn under the loan being A$1.1 million only, with subsequent funding requirements established through equity. In accordance with the loan terms as required, the Company commenced the scheduled repayments. Further to this, during the September 2016 quarter, the Company and Magna agreed, such that security over the Company and its assets would be retired with a A$500,000 repayment towards the loan. This was satisfied and the Security over the loan was retired on 16 August 2016.
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