Doray Minerals has got its second wind after the company secured a fresh injection of funds for its Andy Well Gold Project in Western Australia.
As part of the refinancing package, Westpac Banking has agreed to pay out Doray’s existing $17 million debt and contribute another $6 million to the company’s coffers.
The new finance is earmarked for costs associated with the takeover of Mutiny Gold and other open pit start-up costs.
Doray’s Managing Director, Mr Allan Kelly said the despite the re-financing the company had still performed well in recent years.
“Since commencement of production at Andy Well, back in August 2013, we have effectively paid off $43 million of the original $55 million we borrowed to build the project. The terms of that original debt facility are much more restrictive than what is now available to Doray as a proven gold producer.” Mr Kelly said.
“We are pleased that Westpac have recognised Doray’s track record to date and look forward to working with them as we continue to grow the Company.”
The repayment term of the new debt facility has been extended from 30 September 2015 to 30 June 2016, which recognises the recent extension in the mine life at Andy Well.