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Santana Minerals (ASX:SMI) to purchase Bendigo-Ophir Gold Project
  • Mining company Gold Road Resources (GOR) has secured a second tranche for its Revolving Corporate Facility, worth $150 million
  • Tranche B will accompany the existing facility’s $100 million Tranche A, which is due to expire in February 2023
  • Gold Road’s existing lenders for the facility have been joined by two new lenders, ANZ Bank and BNP Paribas
  • The company will use the extra funds to bolster its balance sheet for general corporate purposes and potential growth opportunities
  • Gold Road Resources closed 3.05 per cent in the green for $1.69 per share

Mining company Gold Road Resources (GOR) has secured a second tranche for its Revolving Corporate Facility, worth $150 million.

Tranche B will accompany the existing facility’s $100 million Tranche A, bringing the facility’s new total to $250 million. Tranche A is due to expire in February 2023, while Tranche B has a maturity of four years from financial close.

Gold Road’s financing syndicate includes existing lenders ING Bank (Australia), National Australia Bank, and Société Générale. With this additional tranche, the syndicate has been joined by two new lenders, ANZ Bank and BNP Paribas.

The company has secured the new tranche in order to bolster its balance sheet for general corporate purposes and potential growth opportunities. In addition, the extra funds will help Gold Road to make repayments for Tranche A in the last three months of its term.

The company is already in a better financial position, after it became debt-free on July 21, 2020. This occurred after Gold Road repaid the remaining $25 million of debt, while retaining liquidity in excess of $85 million.

Gold Road’s Managing Director and CEO, Duncan Gibbs, commented on the company’s expansion of its financing facility.

“The second four-year tranche to our RCF has been secured in favourable market conditions, and aligns with our capital management strategy," he said.

“The expanded facility has been negotiated over recent months in a competitive debt market and provides capacity for Gold Road to rapidly advance exploration discoveries into development, or progress value accretive investment opportunities when identified," he added.

Gold Road Resources closed 3.05 per cent in the green for $1.69 per share.


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