NYSE- and TSX-listed precious metals producer McEwen Mining has closed its previously announced $50-million senior secured three-year loan facility with Royal Capital Management Corporation.
Owner and chairperson Rob McEwen is participating as a lender for $25-million of the total loan.
The loan capital will be used to complete construction of the Gold Bar mine, in Nevada, and for general corporate purposes.
Construction of Gold Bar is advancing on schedule for completion by the end of this year, targeting commercial production in the first quarter of 2019.
The principal amount of the loan will bear monthly interest at 9.75% a year. Repayments will occur in 12 equal monthly installments of $2-million during the third year, with the remaining balance due on maturity.