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Cerrado Gold Announces Potential UK Export Credit Agency Support for Project Finance at Its Monte Do Carmo and Mont Sorcier Projects
UKEF, the UK Export Credit Agency, selected from group of 4 compliant Expressions of Interest ...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Announces Potential UK Export Credit Agency Support for Project Finance at Its Monte Do Carmo and Mont Sorcier ProjectsUKEF, the UK Export Credit Agency, selected from group of 4 compliant Expressions of InterestPotentially up to US$610 million in Export Credit Agency (\"ECA\") support via long term ECA Project Finance to cover up to 70% of pre-production costs plus additional support to cover Interest During Construction and Insurance Premium CostsUKEF's Expression of Interest will encourage a UK-led sourcing strategy while allowing flexibility for sourcing from other countries. Support available subject to standard project finance terms and successful due diligenceProcess to appoint Mandated Lead Arranger(s) to commence shortlyTORONTO, ON / ACCESSWIRE / July 5, 2023 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce that it has received and accepted Expressions of Interest (\"EOIs\") from UK Export Finance (\"UKEF\") to support potential export credit facilities for the Company's 100% owned the Monte Do Carmo Project in Tocantins State, Brazil (\"MDC\") and the Mont Sorcier Iron Ore and Vanadium Project in Quebec, Canada (\"MS\") held by its wholly owned subsidiary Voyager Metals Inc. The EOIs provide support for up to US$190 million for the MDC Project and up to $420 million for the MS Project; representing 70% of total capital expenditure, interest payable during construction, the political risk insurance premium as well as other approved expenditures for each project.UKEF is a department of the UK Government and is the UK's official Export Credit Agency (\"ECA\"). UKEF operates under an Act of Parliament to support UK exports, predominately through the provision of 100% unconditional guarantees backed by the UK Government.UKEF's engagement with the opportunity is at an early stage. UKEF's EOI is not a legally binding commitment and is subject to a series of standard project finance terms and due diligence, including, among others, suitable structured offtake contracts, the successful completion of the Definitive Feasibility Study (DFS), and an Environmental and Social Impact Assessment (ESIA) to Equator Principles. The EOI provides an indication of currently available country limits, an indication of the attractiveness of the project, and it covers, in principle...