Alita Resources Limited announced that certain of its subsidiaries have entered into a binding AUD 70 million loan facility agreement with China Hydrogen Energy Limited (CHE) and related security arrangements. The funds available under the Loan Facility Agreement will be applied by Alita to repay in full all amounts outstanding under the senior secured debt facility with its secured creditor, Galaxy Resources Limited. The balance of the Loan Facility Agreement is available for draw down for working capital purposes, subject to the consent of CHE. The Loan Facility Agreement contemplates that CHE or its nominee will submit a deed of company arrangement proposal (CHE DoCA) for consideration by the Administrators and creditors of the Group. The Loan Facility Agreement provides short term bridging finance for the Group ahead of the proposed DoCA. Amounts outstanding under the Loan Facility Agreement will be repayable on the earlier of: two business days after the Administrators or Alita are funded to repay the amounts outstanding under the Loan Facility Agreement in accordance with the terms of the CHE DoCA 13 February 2020 (or such other date agreed in writing by the parties), or if the CHE DoCA proposal is not approved at the second meeting of creditors, seven business days after the date of the meeting.