Classified in: Mining industry, Business
Subject: FINANCING AGREEMENTS
Patagonia Gold Announces Increase to Loan Facility
VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV: PGDC) announces it has entered into an agreement with Cantomi Uruguay S.A. ("Cantomi") to increase the maximum aggregate amount of the Cantomi Loan (as defined below) and change the interest rate applicable to such loan. In February, 2019, Cantomi provided a US$15 million loan facility at 5% interest per annum (the "Cantomi Loan") with a maturity date of December 31, 2023. The agreement amending the Cantomi Loan provides that the maximum aggregate amount of the Cantomi Loan is increased from US$15 million to US$20 million, and the interest rate is increased to 7.5% per annum. The funds from the increase of the Cantomi Loan will be used to reduce debt in Argentina and for general working capital purposes. Other than the amendments to increase the maximum amount and the interest rate of the Cantomi Loan, all other terms of the Cantomi Loan remain unchanged.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused, publicly traded mining company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 430 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.
Christopher van Tienhoven
E: cvantienhoven@patagoniagold.com
This news release contains certain forward-looking statements, including, but not limited to, statements with respect to the use of the funds from the increase of the Cantomi Loan, advancement and development of gold and silver projects in the Patagonia region of Argentina and the anticipated growth in shareholder value. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Global Chauffeur Service Blacklane names Cindy Rubbens as Chief People Experience Officer and Gudrun Herrmann as Global Head of Communications
Global chauffeur service, Blacklane, announced that it has named Cindy Rubbens Chief People Experience Officer (CPXO) and Gudrun Herrmann Global Head of Communications, effective immediately. Both will...
Lumen wins $223 million Defense Information Systems Agency contract
Lumen Technologies recently won a $223 million contract from the U.S. Defense Information Systems Agency (DISA) to provide secure, mission-critical communications services to the U.S. Department of Defense....
LifeVac Partners with ENY Youth Soccer Association
LifeVac is proud to announce a partnership with the Eastern New York Youth Soccer Association, in which they will be the Presenting Sponsor of the Inaugural season of the Eastern New York National League Conference Qualifier (ENYNLQ). The league will...
The following issues have been halted by IIROC: Company: Reyna Silver Corp. TSX-Venture Symbol: RSLV All Issues: Yes Reason: Pending News Halt Time (ET): 8:41 AM IIROC can make a decision to impose a temporary suspension (halt) of trading in a...
KeyBank Leverages Blend to Deliver Digital Mortgage Application Process for Clients
KeyBank is seeing significant results in making home buying easier for clients in the face of a competitive market. A software platform that digitizes the end-to-end mortgage application process for clients looking to purchase or refinance a home,...
Grosvenor Marks Successful 2022 with Development Activity, New Appointments and ESG Initiative Progress Throughout US and Canada
Grosvenor, a privately held property owner and developer with a 70-year track record in North America, celebrated another successful year and continued its growth, as the company announced several new...
More news about Business...