Manuka Resources (NZE:MKR, ASX:MKR) said that Nebari successfully completed technical due diligence on its Wonawinta silver and Mt Boppy gold projects in New South Wales, according to a Tuesday filing with the New Zealand and Australian bourses.

The company executed a non-binding term sheet with Nebari Natural Resources Credit Fund II for a $22.5 million senior secured loan facility, with final approval contingent on completion of technical, commercial, and legal due diligence, per the filing.

The company said it now awaits the completion of Nebari's legal due diligence and conditions precedent, with definitive agreements expected to be signed around Feb. 20, pending final Nebari credit approval, the filing said.

The proceeds will be used to fund operations through the first silver production at Wonawinta in the second quarter, repay part of existing debt, and for working capital, the filing added.

The company's New Zealand shares jumped almost 6% in recent Tuesday trade and earlier hit an all-time high.