SEMAFO Inc. (TSX:SMF) (OMX:SMF) announces that it has executed the previously announced $120 million credit facility with Macquarie Bank Limited. The Facility is repayable in quarterly repayments of $15 million, from first quarter of 2019 to fourth quarter of 2020. Proceeds from the Facility will be used for the construction of the Natougou project located in Burkina Faso. The Facility, which bears interest at LIBOR plus 4.75%, replaces the Corporation’s previous $90 million credit facility, $30 million of which was repaid on March 3, 2016.
Under the terms of the Facility, the incremental $60 million will be drawn down by June 30, 2017. Drawdown of the New Advance, and the extension of the maturity of the Facility from March 2018 to December 2020, are subject to satisfaction of certain conditions precedent customary in a transaction of this nature, including establishment of a $40-million restricted cash deposit receipt of permits, signing of a mining convention and completion of a due diligence update by Macquarie. The Restricted Cash Deposit is reduced to $15 million once commercial production at Natougou is achieved and certain other conditions are satisfied.
Files NI 43-101 Technical Report for Natougou Project
The Corporation also announces that on March 28, 2016, it filed on SEDAR (www.sedar.com) and on its website (www.semafo.com) a National Instrument 43-101 technical report pertaining to its Natougou gold project located some 320 kilometers east of Ouagadougou in Burkina Faso. There are no material changes in the NI 43-101 technical report results on Natougou from those disclosed in the news release of February 25, 2016.
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposits of Siou and Fofina, and is developing the advanced gold deposit of Natougou. SEMAFO’s strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
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