AuKing Secures $750,000 Short Term Funding Agreement With Evolution Capital

AuKing Mining Limited (ASX: AKN) advises that it has entered into a $750,000 short-term funding agreement with Evolution Capital Pty Ltd.

AuKing’s CEO, Mr Paul Williams, said it was pleasing to secure the short-term facility with Evolution Capital to assist the Company with its immediate funding needs as various project activities are set to commence.

“The Evolution Capital funding agreement allows AuKing to commence initial activities on its copper and uranium projects over the next couple of months. Evolution Capital is building a significant structured finance business, so we are pleased to have been able to access this facility,” Mr Williams said.

Funding Agreement Summary

A summary of the key terms of the loan facility is as follows:

  • Facility Limit: A$750,000
  • Term: Four (4) months from the date of signing, namely 18 August 2024 (“Due Date”)
  • Interest: 10% fixed rate payable at the Due Date
  • Security: A first-ranking corporate charge over all Company assets and interests; the personal guarantee from Mr. Asimwe Kabunga
  • Purpose of Loan: Working capital and initial project funding
  • Options Issue: 12,500,000 options exercisable at 3c on or before 30 April 2027

AuKing Mining (ASX: AKN) is a mining exploration company focused on uranium, copper, and zinc projects in both Tanzania and Australia.

AuKing is focussed on the exploration and development of six uranium and copper projects in Tanzania including:

Mkuju – near the world-class Nyota uranium project in southern Tanzania; the subject of significant previous exploration

Manyoni/Itigi – the subject of significant exploration situated in central Tanzania, just west of Dodoma

Mpanda/Karema – prospective copper areas in western Tanzania that were the subject of historic mining operations but largely untouched by modern exploration methods.

 

 

 

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