G Mining Ventures Obtains Major Financing to Advance Oko West
G Mining Ventures Secures Significant Financing for Growth
G Mining Ventures Corp. (TSX: GMIN) is thrilled to announce that it has successfully secured a remarkable financing package of US$387.5 million, which can potentially escalate to US$537.5 million. This financing strategy is designed to further the development and construction of the Oko West Gold Project—a project that G Mining holds 100% ownership of. The financial commitment is part of G Mining's broader goal to position itself among the mid-tier producers in the gold mining sector.
Details of the Financing Package
The financing package will be anchored by an agreement involving a syndicate of respected financial institutions that will provide a revolving credit facility. This facility allows G Mining to access up to US$350 million, with the possibility of an additional US$150 million available after six months since closing, subject to the usual lender conditions. National Bank Capital Markets and Macquarie Bank Limited act as the leading arrangers in this consortium, which also includes participation from several prominent banks.
Essential Equipment Financing Arrangements
Concurrently, G Mining has established a Master Loan and Security Agreement (MLSA) with Komatsu Finance Chile S.A. This agreement facilitates financing arrangements for the acquisition of necessary mining and construction equipment valued at a maximum of US$37.5 million, a key component of executing the Oko West project. The collaborative endeavor with Komatsu Finance showcases G Mining's strong relationships within the industry.
Forward Plans for Oko West
In light of receiving the critical environmental permit necessary for the project and having secured this financing, G Mining is poised to announce a Final Investment Decision (FID) regarding Oko West. This decision will clarify the total projected capital costs and further outline the capital raised so far, as well as the anticipated expenses leading to project completion. The company aims to move forward efficiently and responsibly, ensuring all operations contribute value to stakeholders.
Company Leadership and Strategic Direction
In addition to the new financial partnerships, G Mining is proud to announce the addition of Jamie Flegg as Vice President of Corporate Development. With over 12 years of experience in mining capital markets, Jamie's expertise will be a crucial asset as G Mining endeavors to enhance its corporate development initiatives. The company's President and CEO, Louis-Pierre Gignac, expressed enthusiasm about the new leadership and highlighted Jamie's vital role in executing growth strategies aligned with G Mining's vision.
About G Mining Ventures Corp.
G Mining Ventures Corp. is dedicated to acquiring, exploring, and developing precious metal projects, capitalizing on the potential for increased value through successful mine development. Headquartered with significant projects including the Tocantinzinho Mine and the Oko West Project, G Mining is strategically positioned to grow exponentially in the precious metals sector by leveraging its capital access and development expertise.
Frequently Asked Questions
What is the total amount G Mining Ventures secured?
G Mining Ventures secured an initial financing package of US$387.5 million, which can potentially increase to US$537.5 million.
Who are the financial partners involved in this financing?
The financing involves a syndicate led by National Bank Capital Markets and Macquarie Bank Limited, along with additional participation from various other banks.
What equipment will the financing help procure?
The financing will help acquire mining and construction equipment valued up to US$37.5 million through an agreement with Komatsu Finance Chile S.A.
What is the goal of the financing for Oko West?
The goal is to advance the development and construction of the Oko West Gold Project, facilitating timely and responsible production strategies.
What role does Jamie Flegg play in G Mining Ventures?
Jamie Flegg has recently been appointed as Vice President of Corporate Development, bringing valuable experience to the leadership team as they execute growth strategies.
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