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Cerrado Gold Enters Tender Phase for Mandated Lead Arranger for Its Export Credit Agency Supported Project Financing at Its Monte Do Carmo and Mont Soricer Projects
Lead Project Financing Bank(s) Expected To be Appointed by late September TORONTO, ON / ACCE...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Enters Tender Phase for Mandated Lead Arranger for Its Export Credit Agency Supported Project Financing at Its Monte Do Carmo and Mont Soricer ProjectsLead Project Financing Bank(s) Expected To be Appointed by late SeptemberTORONTO, ON / ACCESSWIRE / September 5, 2023 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce that it has commenced the tender phase for the Mandated Lead Arranger (\"MLA\") of its Export Credit Agency project financing program. As of September 4, 2023 the Company and its Advisors have issued detailed banking information memorandums to a number of Project Finance Banks who have indicated an interest in being the Mandated Lead Arranger as part of the UK Export Finance (\"UKEF\") supported 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\"). (See press release dated July 5, 2023).The selection of the MLA is expected to be completed by the end of September. Once an MLA has been appointed, detailed due diligence will commence with the aim of receiving final terms for the ECA backed Project Financing at MDC towards the end of the year.As outlined previously, UKEF has expressed an interest to provide support for up to US$190 million for the MDC Project and up to US$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.As previously announced on April 17, 2023 the Company appointed SD Capital Advisory Ltd and GKB Ventures Ltd (\"S&G\") to solicit interest for Export Credit Agency backed Project Financing. As a result of this process the Company appointed UK Export Finance to support potential export credit facility.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.Mark Brennan, CEO and Chairman commented \"We are very pleased to be moving forward to the next stage of determining project financing support to bring both our Monte Do Carmo and Mont S...