- Havilah Resources (HAV) has made the final re-payment of $1 million, plus interest, to Investec Australia Finance
- The company had a $2.5 million loan with Investec from previous management
- Funds raised by the recent rights issue has allowed Havilah to make the final $1 million repayments on time
- On market close, Havilah is up 1.09 per cent and is selling shares for 9.3¢ apiece
Havilah Resources (HAV) has made the final re-payment of $1 million, plus interest, to Investec Australia Finance.
The company had a $2.5 million loan with Investec from previous management. It started paying off the debt over the last two months.
Funds raised by the recent rights issue has allowed Havilah to make the final $1 million repayments on time and to extinguish the loan.
This means Havilah is now essentially debt-free apart from minor lease obligations and has no ongoing onerous loan facility interest payments.
“The loan security formerly held by Investec over the Mutooroo and Kalkaroo assets will now lapse,” the company said.
Havilah said the repayments come from the new management to re-position the company as an independent, debt-free, streamlined mineral and developer explorer.
In October, the company asked its CEO and five others to leave Havilah.
“This provides Havilah with the freedom to independently chart its course and to deal with its mineral assets in a manner that is in the best long term interests of all shareholders,” the company added.
On market close, Havilah is up 1.09 per cent and is selling shares for 9.3¢ apiece.