Manuka Resources Draws Down Tranche Two of $30 Million Nebari Facility, Shares Up 11%

MT Newswires Live11:51

Manuka Resources (ASX:MKR) said tranche two of its $30 million senior secured term facility with Nebari Natural Resources Credit Fund II has been fully drawn down, with funds equivalent to about AU$5.8 million received on June 26, according to a Monday Australian bourse filing.

The company said the tranche two drawdown will provide additional funding for the Wonawinta silver mining and Canbelego gold mining projects as originally budgeted, with Nebari issuing 8,232,731 warrants over unissued new shares at an exercise price of AU$0.1357.

Crushing, screening, and haulage of gold-bearing material from Mt Boppy waste and rock dumps to the Wonawinta processing plant has continued since April 21 in preparation for first ore processing, with gold processing revenues expected to commence around mid-July and silver production targeted to commence in late September, the filing added.

The company's shares jumped 11% in recent Monday trade.

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