Aton Resources Inc. drew an additional $77,000 pursuant to its bridge loan facility with Ou Moonrider, according to a press release.
A portion of the fund will go towards the company’s Abu Marawat Concession, and the general working capital purposes. Per the orginal agreement, the company is allowed to borrow up until $300,000 from Moonrider and it is expected to be paid out in total at least six months from closing.
Based on the latest updates, Aton has now fully drawn down the $300,000 available to it. The first loan was estimated at 82,000, drawn on December 17, 2019, and the second was estimated at $141,000, drawn on February 27 of this year.