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Guyana Goldfields Inc. (TSX:GUY) is pleased to announce the signing of a common terms agreement with International Finance Corporation, Export Development Canada, ING Capital LLC, Caterpillar Financial Services Corporation, and The Bank of Nova Scotia for a credit approval for a US$185 Million project finance facility. The financing will fund the development and construction of, and general matters relating to, the 100%-owned Aurora Gold Project located in Guyana, South America.
Guyana Goldfields Inc. (TSX:GUY) is pleased to announce the signing of a common terms agreement with International Finance Corporation, Export Development Canada, ING Capital LLC, Caterpillar Financial Services Corporation, and The Bank of Nova Scotia for a credit approval for a US$185 Million project finance facility. The financing will fund the development and construction of, and general matters relating to, the 100%-owned Aurora Gold Project located in Guyana, South America.
The Project Loan Facility will consist of two tranches; a Tranche 1 facility of US$160M and a Tranche 2 cost overrun facility of US$25M. The maximum term of the Facility is eight years and advances under the Facility bear a weighted average interest rate of 3-month LIBOR plus 5.11% for Tranche 1 facility, and advances under the Tranche 2 facility would bear interest at the same average range of rates plus 0.5% (if drawn). There will be no gold hedging requirements or other similar provisions associated with the Facility.
Scott A. Caldwell, President & CEO stated
We have been aggressively working on the construction of the Aurora Gold Project, which remains on schedule to achieve commercial production in mid-2015, and recently completed the largest single concrete pour for the SAG Mill base foundation. We would like to thank all parties involved throughout the Facility transaction.
Click here to read the Guyana Goldfields (TSX:GUY) press release