G Mining Ventures (TSX: GMIN)
Announced that it has drawn approximately $42 million on its $75 million senior secured term loan with an affiliate of Franco-Nevada Corporation, as previously announced in July 2022.
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| G Mining Ventures | TSX: GMIN |
| Stage | Development + Exploration |
| Metals | Gold |
| Market cap | C$810 million @ C$1.81 |
| Location | Tapajos, Para State, Brazil |
G Mining Ventures Completes First Draw on $75 Million Term Loan from Franco-Nevada as TZ remains on Track
(All amounts are in USD unless stated otherwise)
BROSSARD, QC, January 30, 2024 – G Mining Ventures Corp. (TSX: GMIN) (“GMIN” or the “Corporation”) is pleased to announce that it has drawn approximately $42 million on its $75 million senior secured term loan with an affiliate of Franco-Nevada Corporation (“Franco-Nevada”), as previously announced in July 2022.
The $250 million gold stream, also announced in July 2022 has been fully drawn.
The proceeds of the term loan will be used to continue the development and construction of GMIN’s 100% owned Tocantinzinho Gold Project (“TZ” or the “Project”), currently under construction in the State of Pará, Brazil.
The Project remains on track and on budget for commercial production in H2-2024.
In connection with the draw on the term loan, GMIN provided evidence to Franco-Nevada that it has sufficient funding to fully satisfy the remaining Project costs required to achieve commercial production and Project completion.
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Louis-Pierre Gignac, President & Chief Executive Officer, commented:
“This is yet another significant milestone which demonstrates that the GMIN team has systematically de-risked the development and construction of Tocantinzinho, and has met the extensive list of obligations to access this funding from Franco-Nevada.
“We hope that our follow shareholders also take comfort that TZ remains on track and on budget for commercial production in H2-2024.”
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclosure
At the time of writing the author holds shares in G Mining Ventures.
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