DDH1 (ASX:DDH) share price edges higher on credit facility

The DDH1 Limited (ASX: DDH) share price is on the rise following the approval of credit facility from Bankwest. In late-afternoon trade, the drilling company’s shares are fetching for $1.06, up 2.9%. At one stage, DDH1 shares reached an intraday high of $1.10, reflecting a record for the newly-listed company.

Funding for growth

The DDH1 share price entered new territory today after providing investors with a positive update.

According to its release, DDH1 advised that it agreed to the terms with Bankwest to receive debt facilities of up to $60 million. Furthermore, the available funds consist of a $50 million revolving credit line and $10 million in asset finance.

This follows the company’s previous announcement in its Initial…