The new facility will be used to fund ongoing exploration and working capital.
The terms of the facility include a 5% establishment fee and interest at the rate of 10% per annum.
The lenders under the facility are unrelated parties and the repayment date is 15 November 2013. Conversion of the facility is subject to regulatory and shareholder approval.
Update on re-listing
Fraser Range Metals said it has, for a number of weeks, been ready to commence its capital raising program but due to poor market conditions, this has been postponed and will commence the capital raising as soon as market conditions allow.
The company's exploration program is progressing as planned.
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