Suvo Secures AU$1.5 million Non-Dilutive Working Capital Funding

Nov 30, 2023

Suvo Strategic Minerals Limited (ASX: SUV) has successfully secured AU$1.5 million in non-dilutive working capital funding through a combination of debt and a product prepayment. The debt funding, amounting to AU$1.0 million, comes from private lender Tember Nominees Pty Ltd, carrying favorable terms such as a 10% interest rate and a 12-month repayment period.

Suvo strategically used its non-core land asset in Lal Lal, Victoria, as collateral for the loan. In addition to the debt, Suvo received a prepayment of AU$0.5 million from Tasmanian customer Norske Skog Boyer, ensuring a three-month supply. The funding supports Suvo's operational costs, sales orders, and its growth strategy focused on high-margin product development.

 

 

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