Mirabela Nickel Ltd has secured a $45 million (A$50.7 million) loan from its note holders. The said amount will allow the troubled nickel miner to continue its operations while Rothschild tries to lure investors to participate in a $100-million share sale. The mining firm had earlier scrapped its plans for a share sale worth $150 million, according to Business Spectator.

In a statement to the Australian Securities Exchange (ASX), the Perth-based company said that a consortium of 65% of the note holders had organized the interim financing package. The unsecured notes worth $395 million are due April 15, 2018. The loan has an interest rate of 3.5% per annum, to be paid at the end of every quarter, the report detailed.

The note holders were advised by law firms Gilbert & Tobin and Cleary Gottlieb Steen on the transaction. The holders had agreed to enter a 60-day standstill and sought the services of Rothschild to create a recapitalization and restructuring plan, the report stated.

Rothschild bankers have been trying to convince mining investment firm Resource Capital Funds to subscribe to an equity offering worth $100 million. Resource Capital held an 18.5% stake in Mirabela as of May, the report said.

Mirabela's shares are still on trading suspension on the ASX. The shares have plunged 97% throughout this year, Business Spectator reported.