Tinkler, who now resides in Singapore and holds $500 million of personal debt, is currently attempting to get Asian partners to agree to help him fund his $5.3 billion privatisation bid for Whitehaven Coal.

Meanwhile, his Mulsanne Resources has requested that Blackwood extend completion of the share placement agreement, leaving Blackwood to scrounge around for $5 million through a short-term drawdown facility.

“Blackwood has notified Mulsanne Resources that it will agree to completion being extended until 13 August 2012,” it said in a statement.

“Blackwood intends to update the market closer to the proposed completion date.

“Blackwood advises that it has entered into agreement for the provision of a $5,000,000 unsecured drawdown facility with its subsidiary Matilda Coal Pty Ltd and its controlling shareholder Noble Group Limited.”

Blackwood chief executive Todd Harrington said funds provided under the facility would provide the company with working capital to maintain its exploration program for its portfolio of coal exploration licences in the Bowen, Galilee and Surat basins.

“This facility provides funding to ensure Blackwood’s exploration program remains on track pending completion of the placement to Mulsanne Resources,” he said.

“The facility is competitively priced and underlines the benefits Blackwood enjoys from its relationship with major shareholder Noble Group.”

Blackwood said Mulsanne Resources agreed to subscribe 95 million shares at 30c per share, representing a 50% premium to the five-day volume weighted average price of 20c per share.

It compares with Blackwood’s latest share price of 18c.

Market speculation continues that Tinkler is finding difficulty in raising the funds from his Asian partners for the $5.20 per share Whitehaven bid.

Whitehaven’s shares continue to sink and yesterday closed at $3.58.