Terramin Australia reviews long term financing

Company News

by Rachael Jones

Terramin Australia's (ASX:TZN) subsidiary, Terramin Exploration has entered into an agreement with major shareholder Asipac Group Pty to restructure its Standby Term Facility.

The existing unsecured facility has been increased from $6.25 million to $8.25 million on similar terms and will be secured in accordance with the terms of the existing facility.

Asipac has agreed to increase its total debt facility to $19.25 million, of which $17.25 million has been drawn to date.

Shares in Terramin Australia (ASX:TZN) closed 8.33 per cent lower at $0.12 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.