- Red 5 (RED) has received commitments for $175M in project finance facilities to fund the development of its King of the Hills (KOTH) Project in WA
- In conjunction with the debt facilities, the company has also launched a $60M four-for-21 fully underwritten accelerated non-renounceable entitlement offer at 16 cents per share
- The financing facilities also include a $160M senior secured project loan facility and a $15M cost overrun and working capital facility
- Red 5 is now working through the conditions required for financial close to occur
- KOTH estimated to have a 16-year mine life and is on track to pour its first gold in the June quarter of 2022
- Red 5 is in the grey, last trading at 19 cents
Red 5: Secures $175M to develop King of the Hills
