Mayur Resources (ASX:MRL) obtained funding for its Central Lime project in Papua New Guinea, according to a Tuesday filing with the Australian bourse.
An investor group including resource-focused investment fund Acam agreed to subscribe for $10 million in 10% unsecured convertible notes due 2026 and, subject to certain conditions, plans to provide $40 million of equity funding.
The note financing will fund construction, working capital, and repayment of existing debt, the filing stated. The equity financing, meanwhile, will fund the project to commercial production, set for 18 months from the final investment decision.
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