Resource News

Territory debt

 

IRON ore producer Territory Resources has managed to offload its most pressing debts to its largest shareholder, Noble Resources.

Under the terms of a transfer agreement, expected to be settled overnight, Noble has purchased two short-term loans totalling $17.6 million owed by Territory to its bank.

In return, Noble would acquire the bank’s interest in securities relating to the loans, the company told the Australian stock exchange yesterday.

These include a fixed and floating charge over Territory’s assets, a mortgage over its shares in key…read more at The Australian

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