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Announcement
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A$91 Million Funding Package
for Woodlawn

  • Funding package will allow Heron to be fully funded with clear pathway to achieve cashflow positive status following delays in construction and ramp-up
  • Absent this immediate funding, Heron forecasts it will run out of unrestricted cash by the end of October 2019
  • The Funding Package comprises:
    • A$35 million fully underwritten 0.7324 for 1 accelerated non-renounceable entitlement offer at an issue price of A$0.20 per share, available to all shareholders to participate, with the ability to apply for additional shares
    • US$35 million (A$52 million) of convertible notes to be issued to Greenstone, Orion and funds managed by Castlelake
    • US$3 million (A$4 million) stream over zinc by-product and 12 month maturity date extension of senior secured loan granted by Orion, with Heron to make an early repayment of US$10 million against the loan
  • Full settlement of Sedgman claims over the Woodlawn EPC Contract
  • A review by independent industry specialists confirms the technical and operational basis for the project remains sound and retains an attractive production profile notwithstanding the experienced construction delays
  • Funding from Orion and funds managed by Castlelake subject to FIRB approval, as well as shareholder approval required for certain terms of the Funding Package
  • Heron’s Independent Directors unanimously recommend shareholders vote in favour of all resolutions at a planned General Meeting to be held in December
For the full announcement, please click here
For further information regarding Heron Resources, please visit www.heronresources.com.au or contact:
Heron Resources
Mr Wayne Taylor
Managing Director and CEO
Tel: +61 2 9119 8111
Email: heron@heronresources.com.au
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Copyright © 2019 Heron Resources, All rights reserved.


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