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Eldorado Gold Announces New Senior Secured Credit Facility

VANCOUVER, British Columbia, Oct. 15, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is pleased to…

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VANCOUVER, British Columbia, Oct. 15, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is pleased to announce that the Company and its syndicate of lenders have executed an amended and restated senior secured credit facility (the “fourth amended and restated credit agreement” or “Fourth ARCA”).

The Fourth ARCA consists of a US$250 million revolving senior secured credit facility with an option to increase the available credit by US$100 million through an accordion feature, as well as a letter of credit facility. The Fourth ARCA amends and replaces the May 2019 US$450 million senior secured credit facility (the “2019 Facility”), which consisted of a US$200 million non-revolving term loan and a US$250 million revolving credit facility. Under the Fourth ARCA the revolving credit facility bears interest at LIBOR plus a margin of 2.125% to 3.25%, dependent on a net leverage ratio pricing grid. To be consistent with the 6.250% senior unsecured notes due 2029 (the “Notes”) issued by Eldorado on August 26, 2021, the Fourth ARCA allows for greater flexibility for a broad range of financing alternatives for the development of the Kassandra assets.

The net proceeds from the sale of Notes were used in part to redeem the outstanding 9.5% senior secured second lien notes due 2024 and to repay outstanding amounts under the 2019 Facility.

“We continue to strengthen our balance sheet and maintain a solid financial position,” said George Burns, President and CEO. “The amended and restated senior secured credit facility provides Eldorado greater financial flexibility as we pursue a broader range of funding alternatives for the development of our Kassandra assets in Greece.”

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil.  The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities.  Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contacts

Investor Relations

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
[email protected]

Media

Louise McMahon, Director Communications & Public Affairs
604.616 2296 or 1.888.363.8166
[email protected]

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “continue”, “expects”, “is expected” or “intends” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to our strengthened balance sheet and financial position and funding alternatives for the development of our Kassandra assets.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information, including assumptions about: funding alternatives for the development of our Kassandra assets; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; the geopolitical, economic and legal climate that we operate in; the repayment of outstanding indebtedness; and anticipated costs and expenses. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: global outbreaks of infectious diseases, including COVID-19; geopolitical and economic climate (global and local) risks; financing risks; as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in the Company’s most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Forward-looking statements and information are designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.




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Globex Options Large Joutel Land Package

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart,…

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has optioned our Eagle Northwest, Gagné and Valrennes claim packages totaling approximately 50 square kilometres (191 claims), in the Joutel Mining Camp of Northwestern Quebec to Orford Mining Corporation (ORM-TSXV).

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd14f92-66b7-49af-8504-ba32ac40c8a7

Geological Map with gold and copper showing on the Joutel Eagle Property
Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 1013.

Globex’s Eagle Northwest property herein and hereafter called the Joutel Eagle Property to coincide with Orford nomenclature, covers 11 kilometres of the Casa Berardi structural zone, south splay (CBSZ) which is associated with several mineral deposits such as the Casa Berardi Gold Mine and the polymetallic Estrade Mine. In addition, 11 kilometres of the northwestern extension of the Eagle/Telbel Gold Mine horizon has been shown by Globex’s recent detailed aeromagnetic survey to traverse the entire strike length of the property. Within this property, previous drilling roughly defined the “South Gold Zone” over a strike length of approximately 700 metres and to a depth of 500 metres. This historical gold zone is open to depth as are a number of other areas of gold mineralization intersected in previous drilling.

On the Gagné claims, surface sampling produced assays grading up to 26.2 g/t Au over 3.0 m in trenching (GM54803).

Lastly, the Valrennes claims, toward the western portion of the mining camp, have several clusters of very strong airborne electromagnetic anomalies which have received limited follow up and have potential to indicate the presence of gold and/or base metal bearing stringer or massive sulphides.

Under the option agreement, Orford may earn 100% interest in the claims by fulfilling the follow terms:

  1. The payment of $1,650,000 (half in cash and half in Orford shares) over a five year period of which $425,000 in the first 12 months is a firm obligation;
  2. A work expenditure of $2,775,000 of which $525,000 is a firm obligation within the first 24 month period.

Globex will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of $2,000,000.

Globex is pleased to be optioning this large land package to Orford which has good exploration experience in the area.

Shareholders should note that Globex has also recently optioned our Eagle Gold Mine property to Maple Gold Mines Ltd. (see Globex press release dated July 19, 2021 and Maple’s work update in Maple’s press release dated October 7th, 2021).

Apart from the Orford and Maple option deals, Globex retains two sizable claim packages in the Joutel Mining Camp, the former Poirier Mine and Joutel Copper Mine both of which Globex considers to have significant exploration potential in addition to historical resources.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d473ca12-79a4-42c9-ab48-2a6130a7f5dd

Casa Berardi: Hecla Mining, Mineral Resources Statement as of December 31, 2019. https://www.hecla-mining.com/casa-berardi/ Estrades: Technical report on the Mineral Resources Estimate for the Estrades Project, Northwestern Quebec Canada. Galway Metals, November 5, 2018, Amended March 15, 2019. Eagle /Telbel: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01. Douay: Maple Gold Mines. Mineral Resource Statement as at October 24, 2019. https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate . Vezza: Mineral Resources Estimate for the Vezza Project, located 25 km south of Matagami, Quebec, Maudore Minerals Ltd. December 31, 2012. Poirier Copper/Joutel Copper: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DP346, GM44192. Sleeping Giant: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 13,2020. DV-2010-01 Mine Selbaie: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 1,2021,  DV 2000-02

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

We Seek Safe Harbour.   Foreign Private Issuer 12g3 – 2(b)
  CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1

Tel.: 819.797.5242
Fax: 819.797.1470
[email protected]
www.globexmining.com

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.





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Silver Elephant’s Flying Nickel Spinout Announces Closing of its $8.6 Million Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver…

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver Elephant Mining Corp. (“Silver Elephant“, or the “Company“) (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that, further to its news releases dated October 26, 2021 and November 19, 2021, Silver Elephant’s wholly owned subsidiary Flying Nickel Mining Corp. (“Flying Nickel“) has completed its previously announced private placement (the “Flying Nickel Offering“) for gross proceeds of $8,600,000.

Pursuant to the Flying Nickel Offering, Flying Nickel sold 10,094,033 subscription receipts comprised of non-flow through subscription receipts (each, a “Non-FT Subscription Receipt“) at a price of $0.70 per Non-FT Subscription Receipt and 1,992,437 flow-through eligible subscription receipts (each, a “FT Subscription Receipt“, and collectively with the Non-FT Subscription Receipts, the “Offered Securities“) at a price of $0.77 per FT Subscription Receipt. Red Cloud Securities Inc. (“Red Cloud“), as lead agent and sole bookrunner, together with Canaccord Genuity Corp., acted as agents (the “Agents“) under the Flying Nickel Offering.

Details Regarding the Flying Nickel Offering

Upon the satisfaction of certain escrow release conditions (the “Escrow Release Conditions”), the Offered Securities shall be deemed to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for the following:

  • each Non-FT Subscription Receipt shall be automatically converted into one unit of Flying Nickel (each, a “Unit“); and
  • each FT Subscription Receipt shall be automatically converted into one common share of Flying Nickel to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share“).

Each Unit will consist of one common share of Flying Nickel (each a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one common share of Flying Nickel (each, a “Warrant Share“) at a price of $1.00 at any time on or before November 29, 2023.

The Escrow Release Conditions include, but are not limited to, the approval of a plan of arrangement of Silver Elephant (the “Arrangement“) by Silver Elephant shareholders to be held on December 22, 2021, and approval of the Toronto Stock Exchange. Flying Nickel has applied with TSX Venture Exchange to list its common shares as early as practically possible.

The proceeds of the Flying Nickel Offering will held in escrow and not released to Flying Nickel until the Escrow Release Conditions are satisfied by the deadline provided in the terms of the subscription receipt agreements that govern the Offered Securities. Those proceeds will be used for the exploration and advancement of the Minago Nickel Project as well as for general working capital purposes.

In consideration for the services of the Agents in connection with the Flying Nickel Offering, the Agents will receive a cash commission equal to 6% of the gross proceeds. 50% of the cash commission has been paid to the Agents, with the balance to be released upon satisfaction of the Escrow Release Conditions. In addition, on satisfaction of the Escrow Release Conditions, the Company will issue to the Agents an aggregate of 716,616 broker warrants (“Broker Warrants“), each exercisable to acquire on common share of Flying Nickel at an exercise price of $0.70 at any time on or before November 29, 2023.

Upon completion of the Arrangement and conversion of all of the Offered Securities, it is anticipated that Flying Nickel will have outstanding approximately 62,086,470 common shares, 5,047,016 Warrants and 716,616 Broker Warrants.

Details Regarding the Arrangement

The Arrangement proposes to spin-out Silver Elephant’s Manitoba based Minago Nickel project, Nevada based Gibellini Vanadium project, and mining royalty portfolio into Flying Nickel Mining Corp. (“Flying Nickel”), Nevada Vanadium Mining Corp. (“Nevada Vanadium”), and Battery Metals Royalties Corp. (“Battery Royalties”).

Further to the Company news releases dated August 26, 2021, and September 23, 2021, each Silver Elephant share outstanding on the Record Date of the Arrangement (expected to be in early January 2022, the “Record Date”), will be consolidated on the basis of one post-consolidation common share (“ELEF Share”) for every ten pre-consolidation shares of Silver Elephant (the “Consolidation”).

Each Silver Elephant shareholder (“Shareholder”) will receive: one share of each of Flying Nickel and Nevada Vanadium and two shares of Battery Royalties for every post-Consolidation ELEF Share held by such Shareholder on the Record Date;

More detailed information regarding the Arrangement is disclosed in the management information circular prepared for the shareholder meeting which is available under the Company’s profile at www.sedar.com, and www.silverelef.com.

$ = Canadian Dollars

About Silver Elephant Mining Corp.

Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.

Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and www.flynickel.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

“John Lee”

Executive Chairman

For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Silver Elephant’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

None of the securities to be issued pursuant to the Flying Nickel Offering have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

SOURCE: Silver Elephant Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/675245/Silver-Elephants-Flying-Nickel-Spinout-Announces-Closing-of-its-86-Million-Private-Placement





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Opawica Engages Drill Contractor for 14 High Priority Targets on Bazooka Property, Quebec

 

Vancouver, B.C. – TheNewswire – November 30th, 2021 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”)…

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Vancouver, B.C. – TheNewswire – November 30th, 2021 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”) announces that further to the Company’s news release of November 24th, 2021, the Company has engaged the services of a Forage DCB Drilling of Rouyn-Noranda to undertake a minimum of 3,000 meters of drilling on the Bazooka Property.

 

Blake Morgan, Chief Executive Officer of Opawica stated, “The team at Opawica is thrilled to begin drilling on the Bazooka Property. Historically the Bazooka Property has hosted some exciting gold grades and we are looking forward to expanding on that.”

 

Significant gold mineralization has been established on the Bazooka property from near surface to approximately 250 metres vertical depth during past drill programs completed on the property by previous owners. In 1944, Siscoe intersected an interval of 5.79 metres of 77.18 g/t Au (true width unknown); with historical drill intercepts ranging from narrow and intermittent anomalous gold. In 1981, Soquem reported values of up to 7.50 metres of 25.77 g/t Au; and in 2003 Lake Shore Gold Corp. intercepted 1.25 metres of 94.11 g/t Au; and RT Minerals Corp. intersected values of up to 17 metres of core length at 7.86 g/t Au, including 7.20 metres of 16.77 g/t Au. These recent intervals are estimated at approximately 85% to 93% true widths. This gold mineralization is known to exist within 50 metres on strike to the gold mineralization on the Yorbeau property and for a current strike length on Opawica’s Bazooka property and optioned Bazooka property for approximately seven kilometres.

 

Opawica’s drill program is designed to test the depth extension of the mineralized zone of the underground works. In 1951-52, Eldona Gold Mine sank a shaft of 125 m and at level -114 m and 634 m of drifts were developed and reached the fold nose feature of the Cadillac Larder Lake Break (“CLLB”). Four mineralized gold zones were outlined as follows: “Average of back panel samples grading 0.31 oz over 15.0 feet, average of back panel samples grading 0.55 oz over 3.5 feet by 69 feet long, average of back panel samples grading 0.06 oz over 5.3 feet by 60 feet long and channel samples grading 0.21 oz (over a drift section of 10 feet)”, (extract from technical report filed on Sedar on April 28, 2016).

Derrick Strickland, P.Geo. (OGQ No. 35402), is the Qualified Person for Opawica Explorations Inc. and approves the technical content of this news release. *The Qualified Person has not verified the information on Abitibi greenstone belt, Yamana and Wasamac gold resources. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company’s properties.

About Opawica Explorations Inc.

Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company.  Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.  All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com.  These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.  

  

Copyright (c) 2021 TheNewswire – All rights reserved.







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