The Prospector News

Victoria Gold Receives C$87.2 Million in Cash from Funding Partners

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Victoria Gold Receives C$87.2 Million in Cash from Funding Partners






Victoria Gold Corp. (TSX.V-VIT) is pleased to announce that it has received cash as per its financing facilities (See press release “Victoria Gold Announces Comprehensive C$500 Million Financing Package for Eagle and Continuation of Construction Activities” dated March 8, 2018).





On September 21, 2018, Victoria received its first drawdown of US$30 million (approximately C$39.0 million) from Orion Mine Finance under the subordinated debt facility of US$100 million (approximately C$130.0 million). The Company also has a senior debt facility with Orion for US$75 million (approximately C$97.5 million) which is expected to be drawn in 2019 after the subordinated debt facility has been fully drawn.





On September 21, 2018, Victoria received C$14.7 million from Osisko Gold Royalties Ltd. under the royalty financing. The entire royalty financing was for C$98 million. The first tranche of C$49 million was received when the definitive documentation was executed on April 16, 2018. The C$14.7 million received on September 21, 2018 is the first drawdown of the C$49 million second tranche. The remainder of the second tranche of the royalty financing will be funded pro rata with the remainder of the Orion subordinated debt facility.



Cat Financial


Additionally, as of September 21, 2018, Victoria has received US$25.8 million (approximately C$33.5 million) from Caterpillar Financial Services Limited (“Cat Financial”) under the equipment lease facility. The remainder of the Cat Financial lease facility, to a maximum of US$50 million (approximately C$65.0 million), is expected to be drawn in 2018 and early 2019.



About the Dublin Gulch Property


Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.



The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle Gold Deposit. The Eagle Gold Mine is under construction and is expected to be Yukon’s next operating gold mine. The Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.


Qualified Person


The technical content of this news release has been reviewed and approved by Tony George, P.Eng., as the Qualified Person. For additional information relating to the Property, refer to the technical report entitled “NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, which is available on the Company’s profile at


Posted September 24, 2018

Share this news article


Giga Metals Announces Positive Pre-Feasibility Study for the Turnagain Nickel-Cobalt Deposit

Giga Metals Corp. (TSX-V: GIGA) announced the results of a Pre-Fe... READ MORE

September 22, 2023

Red Pine Extends Significant Mineralization West of the Jubilee Shear – drills 5.10 g/t gold over 19.76 metres within 1.94 g/t gold over 78.9 metres

Red Pine Exploration Inc. (TSX-V: RPX) (OTCQB: RDEXF) is pleased ... READ MORE

September 21, 2023

Brixton Metals Drills 855.0m of 0.52% CuEq, including 109.87m of 0.86% CuEq all within 1562.35m of 0.34% CuEq at Camp Creek Target on its Thorn Project

Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE

September 21, 2023

i-80 Announces US$20 Million Gold Prepay Accordion with Orion Mine Finance

i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) is pleased to announce th... READ MORE

September 21, 2023


FE Battery Metals Corp. (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) is... READ MORE

September 20, 2023

Copyright 2023 The Prospector News