Globe Metals & Mining (ASX:GBE) said that its director Bo Tan agreed to provide an additional loan facility of up to $1.2 million on an unsecured basis to assist with its short-term working capital requirements, according to a Thursday Australian bourse filing.
The facility will allow the mining firm to focus on completing the updated feasibility study, including securing off-take agreements, the filing said.
It will be able to draw funding from the facility in multiple portions, beginning with $200,000 on Feb. 15. The funding portions include another $200,000 on March 1, $200,000 on March 15, $300,000 on April 1, and $300,000 on April 15.
The term of the facility is eight months after the first drawdown and it carries an interest rate of 20% per annum accruing and payable daily, with interest to be capitalized daily and added to the aggregate principal amount outstanding.
Interest will be payable on unpaid overdue amounts at the rate of 0.5% per day.
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