Avenira (ASX:AEV) has drawn down the first AU$2 million under the AU$7.6 million unsecured loan facility with its largest shareholder, Sichuan Hebang Biotechnology, according to a March 21 filing with the Australian bourse.
The facility will ensure that the company is well-funded to advance the development of its Wonarah phosphate project in the Northern Territory, per the filing.
The mineral explorer's shares were down 10% in recent Monday trade.
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