Aeris Resources Ltd (ASX:AIS) has reached an agreement with its financier and major shareholder, Special Portfolio Opportunity V Limited (SPOV) to extend the maturity dates for two debt facilities.
The debt to be extended refers to the Tranche A working capital facility and the Tranche B term loan facility.
Both debt facilities have been extended for over one year with the new maturity date being 1 July 2021.
Other changes include capitalisation of all interest due up to 30 June 2020; the cancellation of the undrawn component of the Tranche A Facility; and the inclusion of additional Review Events related to the completion of the water pipeline and availability of water.
Vote of confidence from major shareholder
Aeris Resources’ executive chairman Andre Labuschagne, said: “The extension of the debt facilities until 1 July 2021 is a significant show of support from our major shareholder and financier, SPOV.
“This enables us to now focus on delivering on our targets at Tritton and also seeking opportunities to grow the company.”
Labuschagne is a mining executive with more than 25 years’ industry experience who previously led Norton Gold Fields as its managing director.