Blackham Resources (ASX:BLK) has been granted an extension to 15 January 2018 by its lender Orion Fund to repay a loan as part of the company’s proposed recapitalisation.
Following the refinancing of the term loan, the company intends to raise $36 million in mid-January.
Blackham’s key mining contractor MACA announced it has agreed to support the proposed recapitalisation.
Blackham’s non-executive chairman Milan Jerkovic will become Executive Chairman, taking on a leading role in the operations and management of the company.
Milan Jerkovic commented that while it has been a tough year for Blackham, the 2018 operational outlook for the Matilda-Wiluna gold project is looking promising.
Shares in Blackham Resources (ASX: BLK) are trading flat at 10.5 cents.