Walkabout Resources Ltd (ASX:WKT) (FRA:N6D) is in a trading halt pending an announcement regarding an update on the funding process for the Lindi Jumbo Project in Tanzania.
The halt will remain in place until Tuesday, April 13, or when an announcement is released to the market, whichever occurs earliest.
Lindi Jumbo debt funding facility
Back in November 2020 Walkabout executed a non-binding, conditional term sheet for a US25 million debt facility in favour of Lindi Jumbo Ltd from the African Export-Import Bank (Afreximbank).
This represents another key step in financing for the development of the Lindi Jumbo Graphite Project in southeast Tanzania.
While the facility term sheet has several conditions precedent before it becomes binding, the company notes that this term sheet has already received initial bank approval.
At the time, executive director Allan Mulligan said: “We have been working with the Afreximbank team on securing the funding for the Lindi Jumbo Project for some time and are very pleased that the application has now received initial approval.
“Each of the development banks we have been working with recognises the outstanding economics of the Lindi Jumbo Graphite Project and benefits it will bring to our local community.”