Australian uranium miner Toro Energy has secured a A$20m facility with US-based investment fund YA Global Master SPV to continue the fast-tracked development of its Wiluna uranium project in Western Australia.
Under the agreement, Toro can issue, at its discretion, shares worth up to A$20m to YA Global over the next five years. It may draw down up to A$500,000 in any period of ten trading days.
Toro Energy’s managing director Greg Hall said that the fund will allow the Wiluna project to start production in 2012.
“While Toro has sufficient funds in the near term to advance its projects, this $20m ‘at call’ facility will enable increased flexibility in terms of quantum and timing of financing our activities going forward. Importantly, it enables Toro to continue the fast-tracked development of the advanced Wiluna uranium project in Western Australia, towards first production in 2012,” Hall said.