Norseman Gold (LON:NGL, ASX:NGL) has fulfilled an Australian regulatory requirement with regards to a fundraising it flagged last month when it announced a deal with new strategic partner Tulla Resources.
Tulla has taken over the running of its mine in Western Australia and will lend A$10 million (£6.8 million) to the gold group. Tulla will be issued A$10 million of convertible loan notes with a coupon of 10 per cent and that convert at 6p per share.
The miner had also said it was raising a further A$3 million (£2 million) through a placing of 50 million shares at 6 cents apiece.
The group told investors today it has lodged a secondary trading prospectus with the Australian Securities Exchange which is required to allow the trading of the shares to be issued.
Norseman has also sent a notice to shareholders convening a special meeting for March 30, where it will seek approval for the fundraising and the agreement with Tulla.
Norseman said in December it was in talks with a potential partner.
Tulla is an Australian resources company and the family vehicle of the Maloney family, which previously ran MAC Services, a supplier of mining accommodation facilities that was sold to Oil States International for A$650 million.
Tulla has investments in TSX listed THEMAC Resources, which owns 100 per cent of the Copper Flat project, a porphyry copper-molybdenum-gold-silver project in south-central New Mexico; ASX listed Altona Mining, a copper miner in Finland and ASX listed Queensland Mining.