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Anaconda Mining announces USD 5 million term loan with Royal Bank of Canada

Mining News - Published on Fri, 15 Mar 2019

Image Source: Red Cloud Klondike Strike
Anaconda Mining Inc announced that it has entered into a USD 5 million term loan from the Royal Bank of Canada. The Facility will provide the Company with enhanced financial flexibility and allow it to complete all pre-construction activity at its 100%-owned Goldboro Gold Project in Nova Scotia without further equity financing. In 2019, Anaconda expects to finalize a feasibility study for Goldboro and complete all work required to obtain mining permits to be shovel-ready in early 2020. The Facility was arranged with the support of Export Development Canada, which has issued a performance guarantee over half of the principal amount.

Anaconda said that "The financial commitment from RBC and EDC demonstrates their confidence in the Anaconda management team, the continued cash flow generation at the Point Rousse Project, and our overall ability to advance our growth plans in Atlantic Canada. The Facility now enables us to execute on our business plan in an accelerated, focused manner, with our debt service obligations easily funded from our mine operations. This Facility, combined with our continued free cash flow generation from the Point Rousse Project, will enable us to advance the Goldboro Gold Project to a construction-decision stage in early 2020, at an exceptionally low cost of capital and without any dilution to our shareholders."

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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