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Provided by Melbourne-based Gurney Capital Nominees, Hodges can access funds under the facility, which is a standby subscription agreement, within two business days – although it said it might not need to use it.
Under the arrangements money provided by the facility will be repaid by the issue of fully owned Hodges shares at a discounted price of 80% of the five-day volume-weighted average price before their issue.
The facility is available for the next five years.
Hodges owns 75% of the Morupule South project, which hosts more than 2 billion tonnes of coal resources.
