Working Capital Facilities
Range River Gold Ltd (ASX: RNG) advises that a Committed Letter of Offer has been accepted from Macquarie Bank Limited (MBL) to provide an A$4.5 million prepaid gold facility.
The prepaid gold facility has been finalised with settlement today.
The purpose of the fund raising is to provide working capital for RNG’s Mt Morgans Operations.
The pre-paid gold facility is a secured debt facility to be repaid in gold or Australian dollars equivalent.
The gold equivalent of the borrowed amount is approximately 3,388 ounces. RNG is required to repay the gold at the rate of approximately 320 ounces or Australian dollar equivalent in equal instalments for 12 months from April 2011.
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