Business
1911 Gold Announces Closing of US$15 Million Drawdown Under Credit Facility with Auramet International
1911 Gold Announces Closing of US$15 Million Drawdown Under Credit Facility with Auramet Internat...
About this update from 1911 Gold Corp.
[{"type":"text","content":"\n\n\n1911 Gold Announces Closing of US$15 Million Drawdown Under Credit Facility with Auramet International\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/VANCOUVER, BC, March 9, 2026 /CNW/ - 1911 Gold Corporation (\"1911 Gold\" or the \"Company\") (TSXV: AUMB) (OTCQX: AUMBF) (FRA: 2KY) is pleased to announce that, further to the news release dated February 20, 2026, the Company has closed the initial drawdown of US$15 million (the \"Tranche 1 Amount\") under the loan agreement dated February 19, 2026 (the \"Loan Agreement\") with Auramet International, Inc. (\"Auramet\"), which provides for a US$30 million secured credit facility (the \"Credit Facility\"). It is anticipated that the proceeds from the Credit Facility, including the Tranche 1 Amount, will be used to advance critical operational milestones at the True North Gold Project, specifically providing the capital required to purchase essential mining equipment, underground development at the True North mine, and the installation of the new crushing circuit at the mill.\n\n\n\n\n\n\n\nThe outstanding principal amount under the Credit Facility accrues interest at a rate of 12% per annum calculated and payable monthly in arrears on the last business day of each calendar month; provided, however, that no interest shall accrue on the Tranche 1 Amount for a period of six months following the closing date of the initial drawdown of the Tranche 1 Amount (the \"Closing Date\"). The Tranche 1 Amount shall be amortized and repaid to Auramet in 12 equal monthly instalments of US$1.25 million commencing on the date that is 13 months following the Closing Date and ending on the date that is 24 months following the Closing Date (the \"Maturity Date\").The obligations under the Loan Agreement are secured by a first-ranking security interest on all personal property of the Company and a continuing collateral mortgage against the Company's True North Gold Project and Rice L...