Cavalier Resources secures $23M project financing

• Cavalier Resources has signed binding term sheets for approximately $23 million in project financing.
• The company's share price increased to $0.25 following the market announcement.
• The funding package is designed to advance the Crawford Gold Project towards production while minimising shareholder dilution.

Cavalier Resources (ASX:CVR) executed binding project financing term sheets totalling approximately $23 million to fund the development of its wholly owned Crawford Gold Project.

This package provides the necessary capital to advance the project towards production while minimising share dilution for existing stakeholders.

"Execution of these binding project financing term sheets represents one of the most significant milestones in Cavalier’s journey since the company was established," said Cavalier Resources Executive Technical Director and Interim CEO Daniel Tuffin.

The funding structure includes a US$5 million gold loan facility from Ottomin.

Following the announcement, the Cavalier Resources share price was up at $0.25.

The company stated that the repayment structures are specifically aligned with future project cash flows and gold production.

Funds will be directed towards site establishment, procurement of long-lead items, project construction, and working capital.