Atlantic Gold Secures $115 Million to Develop Its Moose River Consolidated Project, Nova Scotia
[Click image to enlarge]
Atlantic Gold Corporation has received and executed a credit approved commitment letter for a $115 million project loan facility (PLF) to be arranged and fully underwritten by Macquarie Bank Limited and Caterpillar Financial Services Corporation, to fund the majority of the construction costs of the company’s Moose River Consolidated Project (MRC Project) in Nova Scotia.
“Atlantic is pleased to have reached agreement with a world class group of lenders such as Macquarie Bank and Cat Financial for a project loan facility, adding to the list of completed milestones for the development of the MRC Project. Atlantic continues to take full advantage of the low cost of structured debt capital versus equity capital at this time of the industry cycle, balanced by a structured risk management approach to the development of our low cost MRC project,” said Steven Dean, chairman and CEO of Atlantic Gold.
“This announcement also represents a major catalyst in providing substantial economic development for the Province of Nova Scotia. The PLF should provide a significant level of comfort to Nova Scotians in ensuring the construction of the first open pit gold mine in Nova Scotia, creating an estimated 781 jobs (person-year equivalent) during the construction phase and 228 jobs (person-year equivalent) during operations for the Province,” added Dean.
“The company is looking forward to the finalization of a definitive credit agreement, in parallel with the execution of an EPC Contract with Ausenco, to crystallize the most significant pieces required to break ground on construction over the coming months,” concluded Dean.
Macquarie Bank and Cat Financial are recognized global leaders in the provision of mining project finance. Macquarie Bank is part of Macquarie Group, a global financial services provider with offices in 28 countries and expertise covering banking, financial, advisory, investment and funds management services. As the captive finance company for Caterpillar, Cat Financial has provided financial service excellence and helped Cat® equipment customers make progress possible for more than 30 years. With a global presence in every mining market, Cat Financial focuses on customized financial solutions built to fit customers’ unique needs in the ever-changing mining industry.
About Atlantic Gold
Atlantic Gold Corporation is a well-financed, growth-oriented gold development group with a long term strategy to create a mid-tier gold production group focused on manageable, executable projects in mining-friendly jurisdictions.
To stop by Atlantic Gold’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2016 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
