Secures A$12 Million Funding
Adelaide, Feb 22, 2013 AEST (ABN Newswire) - Toro Energy Limited (
ASX:TOE) is pleased to announce that full legal documentation for an A$12 million convertible debt facility ("Facility") from Macquarie Bank Limited has been finalised.
Tranche 1 of the facility, $8 million, is available to be drawn down before 31 March 2013. Tranche 2, $4 million, is available to be drawn down until 30 June 2013, subject to satisfactory completion of usual conditions for this type of facility. In particular, draw down of tranche 2 requires Federal Government environmental approval to be in place.
Further details regarding the terms of the Facility were outlined in the TOE release dated 31 October 2012.
The Facility increases Toro's available working capital to A$16.2 million (based on A$4.2 million cash as at 31 January 2013) and maintains Toro's strong funding position over the course of negotiations with potential project partners.
Contact
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au
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