Eldorado Gold Corporation (“Eldorado” or the “Company”) and its wholly-owned subsidiary, Hellas Gold Single Member S.A. (“Hellas”) are pleased to announced that Hellas has satisfied all necessary precedent conditions and has closed its previously announced €680 million project financing facility (the “Facility”) for the development of the Skouries Project in Northern Greece (“Skouries” or the “Project”).
The Facility is structured to provide 80% of the funding required to complete the Project, with the remaining 20% to be funded by the Company. Hellas contributed €31.2 million (approximately US$34.0 million) from January 2022 through to the end of March 2023, on early works activities at Skouries, which will be applied as a credit towards the Company’s equity commitment per the terms of the Facility. The Company’s equity commitment for the Project is backstopped by a letter of credit in the amount of €190 million issued under the Company’s revolving credit facility. The letter of credit will be reduced Euro for Euro as the Company invests further in the Project.
Source: eldorado gold