Heron Resources On Drawdown Of Second Tranche Of $20 Million Debt From Orion

  • Sep 26, 2018 AEST
  • Team Kalkine
Heron Resources On Drawdown Of Second Tranche Of $20 Million Debt From Orion
Heron Resources Limited (ASX: HRR) made an announcement on 26 September 2018 which states that the company has completed the drawdown of second tranche of $20 million of Debt from Orion Mine Finance. The company had earlier announced on 30 June 2017 that the total debt of $60 million was provided by Orion Mine Finance and the remaining $20 million was un-drawn. After the release of this news the share price of the company reduced by 2.439% as on 26 September 2018. On 25 September 2018, the company provided an update on the Woodlawn project. The underground mining was successfully commenced at the site by Pybar mining services. By the end of August 2018, 73% of the overall EPC was completed and it is on track on commissioning by the year end.  The final assays for the extensional and infill drilling program of the shallow G2 Lens was also received by the company as per the announcement on 21 September 2018. The company is planning a detailed modelling to optimize the planned production from this area. In the last six months, the company’s share price decreased by 12.14% from $0.7 to $0.615 as on 25 September 2018. For FY 2019, the company’s main focus is on precious metal and base production from its Woodlawn zinc-copper project. HRR’s shares traded at $0.6 with market capitalization of $148.63 million as on 26 September 2018.

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