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The latest announcement is out from Nagambie Resources Limited ( (AU:NAG) ).
Nagambie Resources has cut its total debt by $9 million, slashing convertible notes by 92.8% to $0.586 million and halving a flexible loan facility to $1.5 million, significantly strengthening its balance sheet. The remaining Series 10 convertible notes, worth $0.586 million, now represent the company’s only note liability and do not mature until July 2027.
The debt reduction was partly achieved by issuing 100 million shares at 1.5 cents each to retire $1.5 million of loan principal, a price set at a 50% premium to Nagambie’s share price when the deal was proposed. In parallel, the company has finalised an earn‑in and joint venture with Alkane Resources, which has invested $2.5 million for a 13.2% stake, and Alkane will now manage exploration at the Nagambie Mine while Nagambie advances its 100%-owned Whroo and Wandean gold‑antimony projects.
More about Nagambie Resources Limited
Nagambie Resources Limited is an Australian exploration and development company focused on gold and antimony projects, including the Nagambie Mine and its wholly owned Whroo Gold Mines and Wandean gold‑antimony projects in Victoria. The company is increasingly positioning itself through partnerships and joint ventures to advance high‑grade antimony‑gold discoveries and related resource expansion drilling.
YTD Price Performance: 18.18%
Average Trading Volume: 4,161,896
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$13.94M
Learn more about NAG stock on TipRanks’ Stock Analysis page.