Business
Gascoygne (ASX:GCY) share price rises after huge debt clearance
The Gascoyne Resources Ltd (ASX: GCY) share price has risen 1% to 51 cents today after the company voluntarily repaid 45% of its bank debt due to ongoing free cash flow generation.
The Dalgaranga Project gold miner from Western Australia entered into a $40 million loan facility with Investec in August 2020 as part of a recapitalisation process. It completed a repayment of $14.5 million today.
Gascoyne performance “strengthened balance sheet”
Commenting on the payment: Gascoyne Resources CEO Richard Hay said:
The voluntary prepayment of close to half of Gascoyne’s bank debt really highlights how far the business has come after more than 12 months of consistent performance of the Dalgaranga operation.
This prudent approach to…
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