Turkey Alacer Gold Signs $350 Million Project Finance Facility

Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S., and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S.

Alacer Gold Corp. and is pleased to announce the signing of the previously announced $350 million senior secured project finance facility with BNP Paribas SA, ING Bank A.S., Societe Generale Corporate & Investment Banking and UniCredit Bank Austria AG. The Facility has an 8-year term, interest rates of LIBOR plus 3.5% to 3.95%, no mandatory hedging requirements and no early repayment penalties. Advances under the Facility are subject to customary conditions precedent including execution of security documentation. The agreement will be posted on SEDAR.

As part of the continuing de-risking efforts, the Corporation is pursuing a prudent and simple gold hedging program for a portion of the oxide gold production during the sulfide plant construction period. Revenue from gold production during this period will be used to fund the plant construction costs.

Cutfield Freeman & Co Limited and Stikeman Elliott LLP acted as advisors to Alacer on the transaction.

source: juniorminingnetwork.com