Alliance Mineral secures A$13m loan facility to fund development of Bald Hill mine

ALLIANCE Mineral Assets Limited on Thursday morning announced has secured up to A$13 million (S$13.06 million) of debt funding from a consortium led by cornerstone investor, Australian investment fund Tribeca.

The other lenders comprise Australian-based professional investment funds and professional investors with extensive investing experience in the small-cap resources sector, said the company.

Alliance said it has entered into a loan deed with the consortium to fund the development of the Bald Hill lithium and tantalum mine. The lenders will be conferred mortgage security over the company's 50 per cent interest in the Bald Hill joint venture agreement and its interest in all tenements connected with the joint venture in consideration of the loan.

The loan can be drawn down by the company for up to A$8 million pending mortgage security registration and for up to A$13 million thereafter. The company is also entitled to make multiple drawdowns during the two-year tenure of the loan.