RNI advances A$60m financing talks for Grovenor mine
PERTH (miningweekly.com) – Gold hopeful RNI on Monday announced that it had signed a term sheet for a A$60-million project financing package to fund the development of the Grosvenor gold project, in Western Australia.
The funding package comprised a split of senior debt and convertible bonds, and would be accompanied by a A$3.7-million share placement to the London-based fixed interest fund, which is providing the financing package.
The ASX-listed junior noted that the placement, which was subject to the clearance of the funds, would involve the issue of about 49.85-million RNI shares, at a price of 7.5c each.
The completed A$63.7-million package would enable RNI to repay its existing short-term debt and finance the development of the Grosvenor project.
Previous studies have estimated that the Grosvenor project could have an eight-year mine life, with the 1.4-million-tonne-a-year operation producing about 545 000 oz/y of gold. The project was estimated to have a net present value of A$103-million and earnings before interest, taxes, depreciation and amortisation of A$260-million.
All infrastructure and permits were already in place for the Grosvenor project, allowing production to start within some nine months of completing project financing.
The A$60-million funding package was subject to a due diligence and various other conditions and approvals.
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