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AMAROO Blackdown Investments will this month notify Bounty Mining if it is in default of a $20 million loan after the Queensland mining company asked its major shareholder for a free cash flow waiver.
Under the terms of its loan facility agreement dated December 27 2018 with Amaroo, Bounty has been required to meet a monthly free cash flow covenant since February 1 2019.
Bounty is seeking recapitalisation and a $35 million funding package.
