Walkabout Resources (ASX:WKT) has entered into bridging loans with shareholders and directors for a loan of $1.6M to meet Lindi Jumbo's development costs while final project funding is being completed.
The bridging loans require repayment on the earlier of 12 months or on final project funding and will be available to be drawn from March 31, 2023.
Its CEO, Andrew Cunningham, expressed appreciation to the shareholders and directors for their commitment to complete the construction of the Lindi Jumbo graphite mine.
Walkabout Resources says a general meeting will soon be held to seek shareholder approval for the required issues.