(Alliance News) - Resolute Mining Ltd on Monday said it has repaid the USD130 million acquisition bridge facility, thanks to its recent equity raising and available cash on hand.
The Australian miner said the proceeds from this facility - which was provided by provided by Taurus Funds Management Pty Ltd - were used to fund the cash component of its acquisition of Toro Gold Ltd, which was announced at the end of July 2019.
Resolute noted that retirement of this debt will reduce its ongoing interest payments and overall cost of borrowing in addition to simplifying its capital structure.
Looking ahead, Resolute Chief Executive John Welborn said: "We will now complete the broader refinancing of our flexible low cost syndicated loan facility with our senior banks which will unlock additional value and further reduce our borrowing costs."
Resolute shares closed 3.6% lower in London on Monday at 58.87 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Resolute Mining (RSG)