Blackham progresses recap

BLACKHAM Resources is one step closer to a fresh start after meeting a key requirement of its recapitalisation plan.

Blackham progresses recap Blackham progresses recap Blackham progresses recap Blackham progresses recap Blackham progresses recap

The struggling gold miner had until today to refinance its non-amortising term loan with Orion Fund JV, which it has done via a new A$14.3 million financing arrangement with mining contractor MACA.

The new loan has allowed Blackham to repay its obligations under the Orion loan.

The MACA loan has a 10% per annum interest rate and no principal repayment obligations until March 2019.

MACA managing director Chris Tuckwell said the company was looking forward to working with a repositioned Blackham for many years to come.

Now that the refinancing is complete, Blackham can move ahead with a proposed $36 million entitlement offer.

Hartleys has been appoin...