(MENAFN- ProactiveInvestors - Australia) Atlantic Ltd (ASX: ATI) has noted that repairs at its Windimurra project are progressing to plan.
Windimurra hosts one of the largest proven vanadium reserves in the world.
Repairs were made to the high pressure grinding roll gearbox drive shaft.
Atlantic received $30 million in funding under the new Class B convertible bond facility announced on 6 August 2012.
The $30 million was received in line with the timetable previously announced involving two drawdowns of $10 million and $20 million on 10 August and 15 August respectively.
The funds raised will be used for the ongoing ramp-up of the Windimurra project and general corporate purposes.
Atlantic subsidiary Midwest Vanadium Pty Ltd owns 100% of the Windimurra vanadium project, located 600 kilometres north of Perth in Western Australia.
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