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Cerrado Gold Announces the Proposed Issuance of US$10-12 Million in Promissory Notes by Minera Don Nicolas
US$10-12 million financing in promissory notes, with an immediate US$2 million unsecured no...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Announces the Proposed Issuance of US$10–12 Million in Promissory Notes by Minera Don NicolasUS$10-12 million financing in promissory notes, with an immediate US$2 million unsecured note financing with an Argentinian fundUse of proceeds for ongoing development at Calandrias Heap Leach Project in ArgentinaFirst gold pour for Heap leap project targeted for April 2023TORONTO, ON / ACCESSWIRE / November 17, 2022 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce that its wholly owned subsidiary, Minera Don Nicolas SA (\"MDN\") has issued an unsecured promissory note to FCI Zofingen Dollar Linked (\"FCI\") for US$2 million dollars (\"Promissory Note\"). The Company expects MDN to issue an aggregate of US$10-12 million in promissory notes in the coming weeks, which are expected to be made available under similar financial terms. The Company intends to use the proceeds to fund ongoing development works in Argentina.The Promissory Note is repayable in Argentinian pesos at the official rate and has an initial maturity of 60 days from issuance and pays interest at a rate of 5% per annum. The Promissory Note is expected to roll into a larger, longer-term series of notes maturing two years from issuance and bearing a rate of 5% interest. At any time prior to maturity, MDN can elect to prepay all or any portion or the Promissory Note without incurring any early repayment penalty.Mark Brennan, CEO and Co-Chairman commented, \"This note allows our Argentinian team to continue to fast-track the development of the Calandrias Heap Leach project which is expected to pour gold in early April 2023.\"The Company paid a 1.5% cash commission and a 1% cash allocation fee to Zonfigen Securities SA in relation to Promissory Note.Mark Brennan CEO and Co ChairmanTel: [email protected] BallVice President, Corporate DevelopmentTel.: [email protected] CerradoCerrado is a Toronto based gold production, development and exploration company focused on gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina, and the highly prospective development project, Monte Do Carmo located in Tocantins State, Brazil.At Minera Don Nicolas, Cerrado is maximising asset val...