Alio Gold Inc. (TSX:ALO) (NYSE AMERICAN: ALO) announces that it has signed and closed a three-year, $15 million loan facility with Sprott Private Resource Lending II (Collector), LP to fund construction of the new Phase II leach pad at Florida Canyon.
“This represents another positive step towards achieving our plan for Florida Canyon,” said Mark Backens, President and CEO of Alio Gold. “Construction of the Phase II leach pad is already underway, and this funding will help us toward our goal of completing construction in Q2 2020 to take maximum advantage of operational efficiencies which we expect will drive cash flow.”
Key Terms of the Facility are:
In conjunction with closing of the Loan Facility, Alio Gold has issued 1,286,228 shares to Sprott. Such shares shall be subject to a hold period under applicable securities legislation of four months and one day from their date of issue.
About Alio Gold
Alio Gold is a gold mining company. We are focused on the safe and profitable production of gold from our cornerstone asset, the 100% owned Florida Canyon Mine in Nevada, USA. The Company also owns the San Francisco Mine in Sonora, Mexico and the development stage Ana Paula Project in Guerrero, Mexico.
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