Challenger Gold (ASX:CEL) has drawn $2 million from a $20 million project finance facility to fund early mining works, corporate overheads, and working capital, according to a Wednesday filing with the Australian bourse.
The facility, arranged by investment brokerage firm Middlegate Securities and investment banking firm ECM Capital Advisors, carries an 8.5% interest rate if repaid before Dec. 7 or 12.75% if repaid after that date, the filing said.
The advisory team will receive a 4% fee on the initial $2 million drawn, the filing added.
The company also plans to integrate the initial drawdown into a larger facility before the end of the year, the filing added.
Shares of the company rose 2% in recent Wednesday trade.
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