The Conversation (0)
June 28, 2021
GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) announces that Abra Mining Pty Limited ("AMPL"), the joint-venture company for the Abra Base Metals Project ("Abra" or the "Project") has received US$30 million following completion of the first drawdown of the Taurus Debt Facilities (see Galena ASX announcements of 12 November 2020 and 15 June 2021 for more information on the terms of the Taurus Debt Facilities).
Managing Director, Tony James commented, "The receipt of the first US$30 million drawdown from Taurus is an important milestone on our pathway to first production of high-value, high-grade lead-silver concentrate from Abra in the first quarter of 2023. We appreciate the great relationship we have with Taurus as a funding partner."
Following this initial US$30 million received, US$80 million of funding remains under the Taurus Debt Facilities (equivalent to A$105 million at current exchange rates), made up of:
- US$70 million Project Finance Facility; and
- US$10 million Cost Overrun Facility.
The Taurus Debt Facilities are secured against Abra Project assets and over the shares that each of Galena and Toho own in AMPL, and additional drawdowns remain subject to satisfaction of customary conditions precedent.
The Board of Directors of Galena authorised this announcement for release to the market.
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