G Mining makes first draw down on $250m gold stream
TSX-V-listed G Mining Ventures has drawn down $91-million on its $250-million gold stream with Franco-Nevada.
The proceeds of the gold stream will be used to develop the Tocantinzinho (TZ) project, currently under construction in the state of Pará, Brazil.
In connection with the draw on the gold stream, G Mining provided evidence to Franco-Nevada that it had sufficient funding to fully satisfy the remaining project costs required to achieve commercial production and project completion.
In addition, G Mining has also closed, satisfied the conditions precedent, and started drawing on the previously announced $40-million equipment financing facility with Caterpillar Financial Services.
"This significant milestone demonstrates that the GMIN team has made substantial progress on the development and construction of Tocantinzinho to the satisfaction of its financial partners. Our ability to systematically de-risk the development and meet the extensive list of obligations to access this funding should provide all our stakeholders with comfort in the quality work taking place at TZ,” said president and CEO Louis-Pierre Gignac.
The project remains on track and on budget for commercial production in the second half of 2024.
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