- Asra Minerals (ASR) completes the full ownership of its $4 million Tarmoola pastoral station and associated civil machinery
- The company initially purchased the cattle station using $1 million from its cash fund and a $3 million loan from RiverFort Global Opportunities
- The debt on the loan has now been repaid early from existing Asra funds, without the company needing to tap into the cash from a recent capital raising
- Asra says it sees the station as part of its growth strategy and land-holding position in the Leonora region
- Shares in Asra are trading at 1.6 cents at 11:46 am AEDT
Asra Minerals (ASR) has completed the full ownership of its $4 million Tarmoola pastoral station and associated civil machinery.
The company first made its intention to acquire the 172,662-hectare cattle station in 2020 and paid the purchase price using $1 million in its cash fund, with the remaining $3 million coming from a facility owing to RiverFort Global Opportunities.
The company on Friday morning said the remaining drawdown debt on the RiverFort loan for Tarmoola has now been repaid early from existing Asra cash funds without accessing funds from its recent raising.
“The purchase of the Tarmoola Pastoral Station now as a debt-free basis is a huge win for us as we become the sole lease owner of this quality asset,” Asra Managing Director Rob Longley said.
“The Station fits within Asra’s growth strategy and land-holding position in the Leonora region as we progress further exploration of the Mt Stirling’s gold, rare earths and critical minerals project.”
The acquisition included approximately 700 head of cattle and associated hard assets.
Asra said it planned to keep livestock numbers low to maximise the benefits of carbon credits as part of the Emissions Reduction Fund project granted by Clean Energy Regulator to Asra’s subsidiary, Tarmoola Holdings.
Shares in Asra were trading at 1.6 cents at 11:46 am AEDT.