Tolu Minerals (ASX:TOK) accepted a 95 million Papua New Guinean Kina debt facility from Papua New Guinea-based National Banking, according to a Monday Australian bourse filing.

The facility is secured over the assets of Tolu and is subject to customary conditions, including registration of security, per the filing. It has a five-year term from drawdown and carries an interest rate of 9.6% per year.

The proceeds will fund the remaining capital works required to restart the Tolukuma gold mine, the mineral explorer said.

Its shares rose nearly 3% in recent trading on Monday.