Ten Sixty Four (ASX:X64) said its unit Mindanao Mineral Processing and Refining received an initial cash payment of $10.5 million on Thursday, according to an Australian bourse filing on Friday.
The payment was made under the memorandum of agreement between the unit and its associate Philsaga Mining, the filing said.
The payment will allow the firm to clear its outstanding related-party debts and toward a deed of company arrangement, per the filing.
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