The Prospector News

Great Panther Announces US$11.25 Million Gold Dore Prepayment

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Great Panther Announces US$11.25 Million Gold Dore Prepayment

 

 

 

 

 

GREAT PANTHER MINING LIMITED (NYSE American: GPL) (TSX: GPR) announces that it has entered into a US$11.25 million gold doré prepayment agreement with Samsung C&T U.K. Ltd. a wholly owned subsidiary of Samsung C&T Corporation, headquartered in Seoul, South Korea and a part of the Samsung Group. 

 

In consideration of delivery and sale of approximately 3,000 ounces of gold contained in doré per month over a two-year period from our Tucano Gold Mine, Samsung has agreed to advance a US$11.25 million prepayment (the “Advance”) to Great Panther.  Gold deliveries will be sold at a 0.65% discount to the benchmark price of gold at the time of delivery and will be used to offset repayments of the Advance, which are scheduled to occur between 11 to 24 months after the date of the Advance.  The Advance will bear interest at an annual rate of 3-month USD LIBOR plus 5% and is secured by a pledge of all equity interests in Great Panther’s Brazilian subsidiary that owns the Tucano Gold Mine.  Great Panther has a full option for early re-payment of the Advance, subject to a 3% penalty applied to the outstanding balance.  The Agreement also provides Samsung a right of offer for concentrates produced from the Company’s Coricancha Mine project in certain circumstances.  The transaction is expected to close with the funding of the Advance by February 2020.

 

“We are delighted to announce this key partnership with Samsung,” stated Jeffrey Mason, Interim President and CEO.  “Together with the US$10 million concentrate prepayment we announced on December 30th, this provides over US$21 million in new capital as we begin a pivotal year for Great Panther.  This partnership also serves as a strong endorsement of our Tucano Gold Mine in Brazil and our Coricancha Mine project in Peru”.

 

ABOUT GREAT PANTHER

 

Great Panther Mining Limited is an intermediate gold and silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL.  Great Panther operates three mines including the Tucano Gold Mine in Amapá State, Brazil, and two primary silver mines in Mexico: the Guanajuato Mine Complex and the Topia Mine.  Great Panther also owns the Coricancha Mine project in Peru whereby in 2019 it executed a successful bulk sample mining program in accordance with the May 2018 PEA.

 

Posted January 6, 2020

Share this news article

MORE or "UNCATEGORIZED"


Rock Tech Lithium Announces Assay Results from Ongoing Drill Program at Georgia Lake

Rock Tech Lithium Inc. (TSX-V: RCK) (OTCQX: RCKTF) (FWB: RJIB) (W... READ MORE

July 4, 2022

NioCorp Announces Closing of Up-Sized Private Placement for Gross Proceeds of C$4.8 Million

NioCorp Developments Ltd. (TSX: NB) (OTCQX: NIOBF) is pleased to... READ MORE

July 4, 2022

Galantas Gold Announces Exercise of Warrants

Galantas Gold Corporation (TSX-V:GAL ) (AIM: GAL) (OTCQX: GALKF) ... READ MORE

July 4, 2022

Mayfair Gold Closes Flow-Through Financing

Mayfair Gold Corp. (TSX-V: MFG) (OTCQX: MFGCF) today announced th... READ MORE

July 4, 2022

Montage Closes $20 Million Private Placement of Subscription Receipts

Montage Gold Corp.  (TSX-V: MAU) is pleased to announce the clos... READ MORE

June 30, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News