Yorkville completes AUD10m equity line of credit with Aurox Resources

Yorkville Advisors, the investment manager to a family of funds, has entered into a AUD10m equity line of credit agreement with Australian Securities Exchange listed Aurox Resources, a jun

Yorkville Advisors, the investment manager to a family of funds, has entered into a AUD10m equity line of credit agreement with Australian Securities Exchange listed Aurox Resources, a junior iron ore player.
 
Under the terms of the facility, Aurox Resources shall have the right but not the obligation to draw down funds of up to AUD10m in tranches, in exchange for the issue of new equity over the next five years. The company plans to use this facility to supplement its other funding options, and to support its ongoing operations in Australia.
 
Charles Schaus, Aurox managing director, says: ‘Having a substantial equity placement facility available on tap, regardless of market conditions, clearly demonstrates the strength and quality of the company and its Balla Balla Project. It would allow the company to strategically raise capital on favourable terms at a time of its choosing. We look forward to building a strong and successful relationship with Yorkville Advisors.’
 
Philip Ho, senior managing director of Yorkville Advisors, says: ‘We are pleased to work with Charles Schaus and the rest of the accomplished Aurox management team as they continue to develop their iron ore project at Balla Balla.’