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Aya Gold & Silver Announces First Drawdown of Zgounder Mine Expansion Project Loan
Aya Gold & Silver Announces First Drawdown of Zgounder Mine Expansion Project Loan ...
About this update from Aya Gold & Silver Inc.
[{"type":"text","content":"\n \n \n \n Aya Gold & Silver Announces First Drawdown of Zgounder Mine Expansion Project Loan\n \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 \n \n \n \n \n Aya Gold & Silver Announces First Drawdown of Zgounder Mine Expansion Project Loan\n \n \n Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Aug. 29, 2023\n \n \n /CNW/ -\n \n \n Aya Gold\n \n & Silver Inc.\n \n (TSX: AYA) (OTCQX: AYASF) (\"Aya\" or the \"Corporation\") is pleased to announce the first drawdown on the\n \n US$100 million\n \n project financing facility (the \"Facility\") for the Zgounder Silver Mine expansion, in the Kingdom of\n \n Morocco\n \n . The Facility provided by the European Bank for Reconstruction and Development (\"EBRD\") and by the Climate Investment Funds through its Clean Technology Fund (\"CTF\") closed earlier this year (see news release dated\n \n February 7, 2023\n \n ). The conditions for the Facility drawdown have been satisfied or waived and an initial drawdown of\n \n US$35 million\n \n has been completed.\n \n \n \n \n \n \n \n \n \n Key terms of the loan agreement remain unchanged and include:\n \n \n \n \n US$92 million\n \n loan provided by EBRD;\n \n \n \n US$8 million\n \n loan provided by CTF. Interest rate is equal to the all-in rate at the time of signing reduced to a 1.00% all-in rate following achievement of certain milestones;\n \n \n 6-year maturity with 2-year principal grace period;\n \n \n 6-month SOFR (0% floor) + 5.00%; and\n \n \n No mandatory silver hedging, offtakes, production-linked payments or equity issuances as part of its structure.\n \n \n \n First drawdown proceeds will be used to continue advancing the Zgounder Mine expansion project.\n \n \n \"We are pleased to announce this key step with our funding partners, as we continue to advance the Zgounder Mine expansion project. This milestone represents a significant step forward on our path to delivering stakeholder value, enhancing our commitment to sustainable mining practices and executing on our strategic vision to foster economic growth, environmental respo...