Walkabout Resources Ltd (ASX:WKT) has revealed that it has sufficient cash reserves to repay its bridging loan in full.
In mid-December 2019, Walkabout noted it was negotiating the amendment to the bridging loan which matured on 31 December 2019.
Due to the significant amount received from the exercise of the company’s $0.15 options that expired on 31 December 2019, it has sufficient cash to repay the bridging loan in full.
The final balance of the bridging loan will be repaid in the next few days and the company expects to have $4.3 million cash following repayment.
Raising US$40 million to develop Lindi Project
Walkabout continues to pursue an international funding process seeking to raise US$40 million to fund the development of the fully-permitted Lindi Jumbo Graphite Project in Southeast Tanzania.
This ongoing process, which is being carried out through Pareto Securities, has involved a series of management presentations to global investors and subsequent due diligence.