Graphite developer Walkabout Resources has secured a A$5-million short-term bridging debt facility from some investors and a company director to meet due diligence and operating costs as the company continues the development of its Lindi Jumbo project, in Tanzania, and finalizes its debt-based project funding facility.
The funding will be advanced in two tranches, with the first A$2.96-million to be provided within five business days, and the balance within five days after the receipt of shareholder approval for the ratification and issue of bridge options and the possible conversion of the bridge debt into shares.