PanTerra signs Latin American deal
PERTH (miningweekly.com) – Gold miner PanTerra Gold was expecting a $12-million capital injection as it reached an agreement with the Central American Mezzanine Infrastructure Fund (CAMIF) to evaluate growth opportunities in Latin America.
ASX-listed PanTerra said on Friday that the agreement with CAMIF also allowed for planned plant improvements at the Las Lagunas gold/silver mine, to be brought forward.
CAMIF on Friday subscribed for $2-million in PanTerra shares, at 9c a share. The private investment fund would also be issued with 12-million unlisted share options, exercisable at 10.5c each before the end of December 2015.
In addition, PanTerra would, in effect, sell CAMIF a 6.5% interest in the anticipated free cash flow from the Las Lagunas project over a five-year period, starting in July this year, for $10-million.
As CAMIF could not directly attach to project cash flows or purchase shares in the project, owing to constraints by the project lenders, PanTerra would issue 50-million redeemable preference shares, with a face value of 20c each, subject to shareholder approval to amend the company’s constitution to permit the issue of preference shares.
Redemptions at six-monthly intervals between November 2015 and May 2018, along with biannual dividends from November 2013, were expected to equate to CAMIF receiving its share of the free cash flow from the project.
Meanwhile, PanTerra reported that production ramp-up at the Las Lagunas plant was progressing as anticipated, and that the processing plant had been operating at nameplate capacity for the past two months.
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