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Superior Gold Inc. Announces Enhanced Financial Flexibility With A$15 Million Gold Loan Facility

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Superior Gold Inc. Announces Enhanced Financial Flexibility With A$15 Million Gold Loan Facility

 

 

 

 

 

Superior Gold Inc. (TSX-V:SGI) is pleased to announce the closing of a senior secured A$15 million Gold Loan Facility with Auramet International.

 

The Facility will be repaid by the delivery of 7,920 ounces over an 18 month period commencing on January, 30, 2020 (440 ounces per month). As part of the facility, the Company granted call options to Auramet on 20,000 ounces, with strike prices at or above A$2,275 per ounce between July 2020 and December 2021. The proceeds from the Facililty will be used for general working capital purposes.

 

Chris Bradbrook, President and CEO of Superior Gold stated: “This Facility has significantly enhanced our balance sheet and provided the financial flexibility required to execute on our recently announced five year plan at the Plutonic Gold underground mine. The Facility is short term in nature and has allowed us to take advantage of near all time high Australian gold prices without diluting shareholders. We remain committed to our goal of establishing Superior Gold as a stable and profitable gold producer capable of maintaining annual production of at least 100,000 ounces of gold.”

 

About Superior Gold

 

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, the Hermes open pit projects and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.

 

About Auramet

 

Auramet is a global precious metals merchant and advisory firm that provides a full range of services to the mining industry, including debt advisory, physical precious metals transactions, revenue enhancement strategies and financings. Based in San Juan, Puerto Rico Auramet has offices in New York, Perth, London, Lima, Johannesburg and Toronto.

 

Posted November 14, 2019

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