Asia
White Energy Secures Up to AU$1 Million Loan Facility
White Energy (ASX:WEC) secured a loan facility of up to AU$1 million at the lender's discretion from Ilwella, a substantial shareholder and private company associated with Chairman Brian Flannery, according to an Australian bourse filing on Tuesday after market hours.The loan carries no conversion rights and must be repaid on demand or immediately upon the borrower receiving proceeds from any capital raise, per the filing.Interest is charged at 0.8% per month and increases to 1.2% per month if not paid by the due date, the filing said.The facility will fund due diligence expenses for the company's proposed acquisitions, along with general working capital ahead of a planned capital raise associated with those acquisitions, the filing added.
ASX:WEC
