Business
Terms blasted for gold producer Gascoyne’s recap raising – The Australian Financial Review
Under administration gold miner Gascoyne Resources has launched its $85 million recapitalisation raising to get back on the ASX.
Funds were told the money raised would go towards repaying Gascoyne’s existing lenders $40 million and for general working capital.
In addition, $10 million was pegged for establishing a minimum cash reserve to meet the new requirements of a new $40 million bank finance facility signed with Investec Bank.
The term sheet said Gascoyne expected to resume trading on the ASX in late September.
One thorn in Gascoyne’s side is a Federal Court proceeding brought against it by activist investor Habro…
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