West Wits Mining (ASX:WWI) is set to receive from a commercial bank half of the senior debt loan facility it is seeking to support its Qala Shallows gold project in South Africa, according to a Monday filing with the Australian bourse.
This comes after the bank secured final credit approval. West Wits is seeking to raise the remaining half from a South African development finance institution, which is working through its approval process.
The joint syndicated facility could finance 50% to 60% of Qala Shallows, the filing stated. The balance will be funded through new equity and revenues generated during the development process.
The mining company's shares climbed past 14% in recent Monday trade.
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