Andromeda Metals Limited (ASX:ADN) Secures A$75 Million Debt Facility for Great White Project
Debt Facility Approval
Andromeda Metals Limited has secured a A$75 million debt facility from Merricks Capital to support the development of its Great White Project. The facility includes principal, capitalised interest, fees, cash reserves, and a cost overrun tranche, with a tenor of 78 months.
Financing Terms
The repayment begins after a 12-month grace period following project development and ends with a 50% bullet repayment at maturity. Merricks Capital conducted extensive due diligence on the project’s technical, financial, legal, market, environmental, and social aspects. Negotiations for binding documentation are underway, with Pareto Securities acting as the financial advisor.
Executive Comments
Sarah Clarke, Acting Chief Executive Officer, said: “Receiving confirmation from Merricks Capital that the proposed facility is credit approved, following extensive due diligence, represents a significant milestone in the financing of Stage 1A+ of the Great White Project. This outcome is a strong endorsement of the project’s quality and a testament to the team’s dedication, expertise and commitment to delivering an investment ready project. With this momentum, we continue to pursue the balance of funding opportunities to support a final investment decision, with due diligence continuing with a select number of capital providers.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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