With the loan, Toro will not only enhance its working capital to A$19.5m ($20.2m), but also fund the Wiluna uranium project and finalize potential joint venture or funding partners.
Initial drawdown of the three-year loan is expected to occur before June 2013. Following documentation and compliance with standard conditions, the company will receive the first tranche of A$8m ($8.2m).
The second tranche of A$4.0 ($4.1m) will be available after the receipt of the government’s approval for the Wiluna uranium project in Central Western Australia. Approvals are expected within December 2012.
Toro managing director Greg Hall said, "Toro welcomes Macquarie Bank as significant new stakeholder and looks forward to working with Macquarie in moving the Wiluna Uranium Project forward through the financing phase."
