New funding supports project advancement

Newfield Resources (ASX:NWF) has entered into an unsecured loan agreement with major shareholder Wonder Holdings Pty Ltd for A$10 million. The funds will support working capital and project discussions.

Loan agreement details and future outlook

Newfield Resources (ASX:NWF) has secured a A$10 million unsecured loan from Wonder Holdings Pty Ltd, with a term of 18 months and an interest rate of 7.5% per annum. The loan will bolster the company's working capital as it pursues discussions for development funding of its Tonguma and Tongo projects. The loan structure includes no establishment or provision fees, and allows the lender to capitalize the outstanding interest. This strategic financial move highlights Newfield Resources' focus on sustaining operations and advancing key projects. The announcement was authorized by the Board of Directors, indicating a significant step in their corporate strategy.

Executive insights on loan agreement

The funds from this loan are intended to support the company's general working capital needs as it continues to engage in discussions regarding development funding for its Tonguma and Tongo projects.