AuKing Mining Ltd (ASX:AKN) has entered into a short-term funding agreement with Evolution Capital Pty Ltd valued at A$750,000. This strategic move is aimed at bolstering the company's immediate financial capabilities as it prepares to launch various project activities.
According to AuKing's CEO, Paul Williams, the partnership with Evolution Capital is a timely support for the company's upcoming initiatives.
“The Evolution Capital funding agreement gives AuKing the opportunity to commence initial activities on its copper and uranium projects over the next couple of months. Evolution Capital is building a significant structured finance business, so we are pleased to have been able to access this facility,”
The terms of the loan
The facility amounts to A$750,000 with a four-month term, beginning from the signing date set on August 18, 2024.
The loan will carry a fixed interest rate of 10%, due at the term's conclusion.
It is secured by a first-ranking corporate charge over all company assets and interests, along with a personal guarantee from Mr. Asimwe Kabunga.
The funds are earmarked for working capital and initial project funding. Additionally, the agreement includes the issuance of 12,500,000 options, exercisable at 3 cents each, on or before April 30, 2027.
New drilling initiative
Proactive caught up with Williams this week to discuss the new drilling initiative at the Koongie Park Copper-Zinc Project in northeast Western Australia. AuKing is set to launch a 1,000-metre drilling campaign at Sandiego North prospect to explore further copper mineralisation.
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