Subscribe to AfterDawn's weekly newsletter.
Allegiance $A73M Funding Signed
SYDNEY, Australia, September 20 /PRNewswire/ --
Allegiance Mining NL (ASX Code: AGM) is pleased to announce that formal
documentation has been completed and executed with Societe Generale and the
Australian & New Zealand Banking Group for a US$45M project finance facility,
plus a cost overrun facility (A$7.5m), working capital facility ($A11M) and
an Environmental Bond Facility (A$2M), which totals A$73M. While some
additional funding will be required, the bulk of the funding package is now
in place.
Chairman, Tony Howland-Rose added, "Our expanded exploration program
consisting of three surface and two underground drill rigs continues at a
pace with promising results. Mining operations in the Avebury Mine have been
stepped up with the addition of a second Jumbo which should double
productivity. The construction of the Avebury processing facility remains on
track for completion in the first Quarter of 2008."
Real progress is being made on all fronts. If you can't visit us at
Avebury, get a taste of our site progress by visiting our website (photo
gallery section).
David Deitz, Director and CFO added, "The continued support of Societe
Generale and ANZ provide a secure base for Allegiance to develop and grow
into a profitable 2008 and beyond."
For information contact: Tony Howland-Rose
Chairman
+61-(02)-9397-7777
or +61-(0)-418-972-112
Electronic copies of this and other reports are available on our website
www.allegiance-mining.com.au
To receive email notifications of future releases, subscribe by email to
mining@allegiance-mining.com.au
Web site: http://www.allegiance-mining.com.au
