Aurumin Ltd (ASX:AUN) has issued a final redemption notice to Collins St Asset Management and will repay the remaining balance of the convertible note ($1.07 million) from available cash on hand.
This will extinguish the convertible note and will leave the company without debt.
"Clean balance sheet"
Aurumin managing director Brad Valiukas said: “We are pleased to be clearing the remaining balance of the convertible note, following the significant reduction of the convertible note in December when we completed the Mt Dimer divestment. I thank Collins St for their support over the last few months as we have gone through this process.
“With a clean balance sheet, we will work to commence drilling and grow our flagship 946,000-ounce Sandstone Gold Operations.”
Now debt-free and having reduced expenditure elsewhere after divesting its Mt Dimer mining tenements last year, Aurumin can focus on its flagship Sandstone Project and on generating critical mass for future production.
The company entered a trading halt this morning, pending the release of an announcement in relation to a capital raising.