Orinoco Finalizes Funding Package for Cascavel Gold Project

Orinoco Gold Ltd. (ASX:OGX) announced that it has secured a financing package of up to AU$14 million. It will finance the construction and development of the company’s Brazil-based Cascavel gold project.

As quoted in the press release:

The financing package — comprising a A$1 million share placement, a non-renounceable rights issue to raise up to an additional A$2.7 million, and a gold sharing arrangement of up to US$8 million with a private Singaporean mining investment company represents a breakthrough development for the Company and its shareholders.

Once completed, the financing package will enable Orinoco to proceed immediately with the fast-track development strategy for the Cascavel Project outlined towards the end of last year.

Click here to read the full Orinoco Gold Ltd. (ASX:OGX) press release.