AuKing Mining (ASX:AKN) has secured a loan facility of up to AU$5 million from London-based RiverFort Global Capital, according to a Tuesday filing with the Australian bourse.

An initial AU$500,000 will be advanced immediately, with further drawdowns subject to mutual agreement, the filing said.

The facility carries 10% annual interest, and each drawdown is repayable within a year, the filing added.

Under the deal, AuKing will issue 12 million shares to RiverFort and 500,000 convertible securities tied to the initial drawdown, the company said.

RiverFort will also receive 33.3 million options, with an exercise price of AU$0.009 expiring on June 30, 2028, the filing added.