AuKing’s Managing Director, Mr Paul Williams, advised that the Company’s Chairman, Mr Peter Tighe had acquired the loan facility rights from Evolution Capital Pty Ltd and agreed to provide a further four month extension of time for the loan to be repaid by the Company. He said this was a significant show of support in the Company by its Chairman and now allows the proposed rights issue capital raising to proceed without allocating funds from that raising to debt retirement. Details of the rights issue will be made available to shareholders shortly.
The primary revised terms of the short-term loan facility are as follows:
Lender: Mr Peter Tighe (having purchased these rights from Evolution Capital Pty Ltd)
Facility Limit: A$750,000
Term: 30 November 2024 (“Due Date”)
Interest: 15% per annum payable monthly in arrears (note the annual rate previously was 30%)
Purpose of Loan: Working capital and initial project funding
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