Manuka Resources Secures US$30m Nebari Facility to Fund Silver and Gold Restart

Manuka Resources Ltd ( (AU:MKR) ) just unveiled an announcement.

Manuka Resources has secured a US$30 million senior secured term loan facility from U.S. fund Nebari Natural Resources Credit Fund II to refinance its existing debt and fund the Wonawinta silver and Canbelego gold projects. Tranche 1 has been drawn, fully repaying a prior A$19 million facility, and the company says it is now fully funded through to a return to production.

The four-year facility, secured over all company assets, is structured with interest paid monthly and principal repayments starting after 18 months, and includes Tranche 1 and forthcoming Tranche 2 warrants issued to Nebari as equity-linked sweeteners. Management says the financing is the final step to restart operations and regain status as Australia’s largest primary silver producer, while Nebari has expressed confidence in the quality of Manuka’s assets and its ability to execute the restart plan.

The most recent analyst rating on (AU:MKR) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on Manuka Resources Ltd stock, see the AU:MKR Stock Forecast page.

More about Manuka Resources Ltd

Manuka Resources Ltd is an Australian precious metals miner focused on silver and gold production. Its key assets include the Wonawinta silver project and the Canbelego gold project, with a strategic goal of re-establishing itself as a leading primary silver producer in Australia amid a supportive precious metals price environment.

Average Trading Volume: 15,772,980

Technical Sentiment Signal: Buy

Current Market Cap: A$197.9M

For a thorough assessment of MKR stock, go to TipRanks’ Stock Analysis page.