Silver Heritage secures additional funds for Nepal project

Australian casino operator Silver Heritage Group Ltd. is injecting fresh funds for its multi-million dollar integrated resort in Nepal.

The construction delays of Tiger Palace Resort Bhairahawa has prompted the Australian-listed firm to allot additional funds for the second time this year.

This time, Silver Heritage said in a disclosure to the Australian Stock Exchange that the additional US$5 million fund, which was secured by its Nepalese subsidiary, Tiger One Pvt Ltd, will be used to “prepay US$2.0-million of the US$20-million outstanding bonds, issued to Silver Heritage Ltd on 26 August 2016, on or around 25 August 2017.”

“Being the next interest payment date of the Bonds, the Company will redeem US$2 million of Bonds at the Redemption Price of US$2,134,000,” the firm said.