Moab Minerals secures short-term unsecured loan facility

Moab Minerals Limited (ASX:MOM) has announced that Goldshore Investments Pty Ltd, a related party to Managing Director Mr Malcolm Day, will provide the company with a short-term unsecured loan facility of $750,000. The loan, which is not convertible into shares, is repayable in cash and is intended to be used for working capital purposes. The loan facility can be drawn down by the company by 30 September 2024, and the funds are to be applied towards the company's working capital needs. The material terms of the loan facility agreement include a loan repayment date of 31 March 2025, an interest rate of 10% per annum accruing daily to be paid at repayment, and no security requirement. The agreement also does not include any right to convert the loan to MOM shares and contains warranties standard for an agreement of this nature. This announcement has been authorised by the Board of Directors.

Executive Commentary

The agreement with Goldshore Investments Pty Ltd for the short-term unsecured loan facility of $750,000 reflects our commitment to securing the necessary funding for our working capital requirements. This arrangement allows us to access the required funds to support our ongoing operations and development initiatives. We appreciate the support provided by Goldshore Investments Pty Ltd, and we are confident that this loan facility will contribute to the company's continued progress and success.

Summary

Moab Minerals Limited (ASX:MOM) has successfully secured a short-term unsecured loan facility of $750,000 from Goldshore Investments Pty Ltd, a related party to Managing Director Mr Malcolm Day. The loan, which is not convertible into shares, is aimed at addressing the company's working capital needs. With the ability to draw down the loan by 30 September 2024 and a repayment date set for 31 March 2025, Moab Minerals is well-positioned to utilize the funds for its ongoing operations and development projects. The agreement, authorized by the Board of Directors, signifies the company's proactive approach to securing necessary funding. Looking ahead, the loan facility is expected to support Moab Minerals' business activities and contribute to its growth and development initiatives.