Heron secures A$240 million funding package for its Woodlawn project

Heron Resources Ltd has secured the full A$240 million funding package required for the construction and ramp-up of its 100% owned Woodlawn zinc-copper project, located in New South Wales, Australia. Highlights:

  • Heron to be fully funded through construction and ramp-up at Woodlawn
  • $602 million senior secured loan facility, $16 million silver stream prepayment and A$29 million equity investment from Orion Mine Finance
  • Strong support from existing shareholder Greenstone Resources, providing a further A$42 million equity investment
  • Introduction of new strategic investor Castlelake, L.P., providing a further A$33 million equity investment
  • A$32 million raised from new and existing investors in oversubscribed placement
  • Up to A$5 million Share Purchase Plan to allow eligible existing retail shareholder participation
  • Transaction is subject to various conditions precedent including Heron shareholder approval and Castlelake FIRB approval
  • Heron’s Independent Directors unanimously recommend shareholders vote in favour of all resolutions at a planned General Meeting in August
  • Heron to commence construction works immediately with first production targeted during late 2018.

See also http://im-mining.com/2017/05/25/heron-starts-work-woodlawn-copper-zinc-development/