Troubled gold miner Blackham Resources has taken another step towards its recapitalisation with its main contractor MACA providing a $14.3 million loan to help it out of its short-term cash crunch.
The MACA loan will enable Blackham to pay its financier Orion for a $14.8 million debt repayment which was due at the end of last year.
Orion, MACA and former contractor Pybar have also agreed to jointly sub-underwrite a $36 million rights issue to the value of $13 million, which will be arranged and underwritten by broker Hartleys.
Blackhams non-executive turned executive chairman Milan Jerkovic has also agreed to sub-underwrite the offering to the tune of $500,000.
The gold miner announced this morning the rights issue would be priced at just 4c…
Read the full article at: https://thewest.com.au/business/gold/blackham-resources-given-143m-loan-for-debts-ng-b88714252z
