Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Thundelarra Secures Short Term Loan From Chairman

Thundelarra (ASX: THX) chairman Philip Crabb has provided the company with a $200,000 short term loan from Ioma Pty Ltd, which he controls.

This facility provide working capital leading up to the Annual General Meeting in late February, when approval is sought from shareholders for the $650,000 sale of the Hayes Creek uranium interests.

Shareholder approval will also be sought for a $500,000 placement to Crabb.

The combined funds will be used for exploration on its prospects.

It added that its internal assessment of the Hayes Creek transaction had concluded it not to be a major asset transaction, particularly given the long-standing and continuing negative market sentiment for the uranium sector.

Consequently the Company had not contemplated a need for shareholder approval, with the delays and additional costs that such a process incurs. The loan from Ioma thus represents prudent business practice.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.