Pantoro Ltd Secures $30 Million Corporate Finance Facility to Support Norseman Gold Project

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The Global Credit Investments facility combined with Pantoro’s existing cash balance and continued cash flow from Halls Creek operations fully guarantees the construction and operating obligations of the Norseman Project.

Pantoro Ltd (ASX:PNR) has executed a $30 million corporate finance facility that helps fully secure its construction and operating obligations at the Norseman Gold Project.

The facility is from Global Credit Investments (GCI), a leading Sydney-based private credit company, which provides flexible financing solutions for a range of industries, including resources, in Australia and New Zealand.

This $30 million facility, combined with Pantoro’s existing cash balance and continued cash flow from its Halls Creek operations, fully secures the Company’s construction and operating obligations at the Norseman Gold Project.

Flexible agreement

Managing Director Paul Cmrlec said, “Pantoro is delighted to have finalized the corporate credit facility with GCI.

“GCI has been extremely flexible in agreeing the terms of the loan, and we look forward to a long relationship for both this facility and future projects. »

The facility agreement is flexible in that it does not require the funds to be used for project costs and that the funds are generally available for use by Pantoro as needed to operate its business.

“Pleasure to deal with”

GCI CEO and Co-Founder Steven Sher said, “We are delighted to help Pantoro fund its very exciting growth. Pantoro has been a pleasure to deal with and we look forward to a long future together.

Key terms of the transaction include:

  • Facility limit – A$30 million.
  • Agreed margin – 7% per annum on the outstanding balance of the loan.
  • Term – Three years, amortized over the last 18 months of the loan.
  • Secured on the assets of Pantoro Limited and Halls Creek Mining Pty Ltd (the operating subsidiary of Halls Creek).

Pantoro has also agreed to issue GCI over 36 million call options with an exercise price of $0.275 per share. These options have a term of three years.

About Global Credit Investments

Global Credit Investments operates four core solutions – lending to lenders, asset-backed financing, high growth financing and special opportunity financing – to meet the individual financing needs of borrowers.

GCI has funded transactions in a number of asset classes, including resources, term loans, invoices receivable, equipment financing, consumer loans, Buy Now Pay Later plans, real estate bridging loans, track book financing and agricultural financing.

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