The Prospector News

Continental Gold Announces Closing of Its Previously Announced Stream Transaction with Triple Flag

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to announce the closing of the previously-announced US$100 million gold and silver stream transaction with Triple Flag Mining Finance Bermuda Ltd. (see Company release of March 15, 2019). Proceeds from the Stream will be used for general and working capital purposes and toward construction, commissioning and start-up of the Company’s Buriticá Project located in Antioquia, Colombia. 

 

Key terms of the Stream agreement include:

 

  • Funding of the Stream was in one lump sum payment on closing.
  • US$100 million subordinated secured 2.1% gold and 100% silver stream on the Buriticá Project, where payable silver is deemed to be 1.84 ounces of payable silver for each ounce of payable gold.
  • Ongoing payments of 10% and 5% of the spot price of gold and silver, respectively.
  • Full buyback option, on or before December 31, 2021, of the entire gold stream for US$80 million, less any gold stream net cash flows received as at the time of buyback.

 

About Triple Flag

 

Triple Flag Mining Finance Bermuda Ltd. primarily targets precious metal streaming and royalty investments in the mining sector, with backing by Elliott Management Corporation, an experienced global investment firm with more than US$35 billion of assets under management. Triple Flag’s focus is on being a leading sought-after long-term funding partner to mining companies throughout the commodity cycle. Triple Flag has committed nearly US$1 billion to the mining sector in less than three years.

 

About Continental Gold

 

Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing it’s 100% owned Buriticá practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buriticá project is on schedule with first gold pour anticipated during the first half of 2020.

 

Posted June 26, 2019

Share this news article

MORE or "UNCATEGORIZED"


NioCorp Announces Closing of Up-Sized Private Placement for Gross Proceeds of C$6.2 Million

Offering Was Set at a Premium to the Share Price When Launched  ... READ MORE

May 11, 2021

Osisko Drilling Returns High Grade at Lynx

180 g/t Au Over 2.2 Metres 46.8 g/t Au Over 3.3 Metres Osi... READ MORE

May 11, 2021

C2C Gold Corp. Completes $2.63 Million Private Placement and Strategic Investment by Eric Sprott

C2C Gold Corp. (CSE: CTOC;) is pleased to announce that it has c... READ MORE

May 11, 2021

International Consolidated Uranium Acquires the High-Grade Matoush Uranium Project in Quebec, Canada

International Consolidated Uranium Inc. (TSX-V: CUR) is pleased... READ MORE

May 11, 2021

Endeavour Silver Reports Financial Results for the First Quarter 2021

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) released its finan... READ MORE

May 11, 2021

Copyright 2021 The Prospector News