Business
CDPR SIGNS TERM SHEET FOR AN ADDITIONAL US$ 12M TO DEVELOP ITS SANTANDER MINE
CDPR SIGNS TERM SHEET FOR AN ADDITIONAL US$ 12M TO DEVELOP ITS SANTANDER MINE Canada Ne...
About this update from Cerro De Pasco Resources, Inc.
[{"type":"text","content":"\n \n \n \n CDPR SIGNS TERM SHEET FOR AN ADDITIONAL US$ 12M TO DEVELOP ITS SANTANDER MINE\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 \n Canada NewsWire\n \n \n \n \n \n MONTRÉAL\n \n ,\n \n \n July 25, 2023\n \n \n /CNW/ - Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) (\"CDPR\" or the \"Company\") is pleased to announce that on\n \n July 18, 2023\n \n , it signed a  Term Sheet with China Railway N° 10 Engineering Group CO. LTD., Sucursal del Perú (\"CREC10\"), an engineering and construction company, providing\n \n US$ 12.0M\n \n of services to be used for the construction of infrastructure and development of the Santander Pipe Project (the \"Funded Construction Services\"). In addition, CREC10 will provide contract mining services at the Santander Mine. CREC10 is part of China Railway Group, a major corporate conglomerate and a Fortune Global 500 company.\n \n \n \n \n \n \n \n \n \n The Funded Construction Services with CREC10 meets the requirements for additional subordinated funding, with regards to the signed term sheets dated\n \n May 2, 2023\n \n with both Ocean Partners UK Limited (\"OPUK\") and Arena Investors, LP (\"ARENA\"). The total aggregate funding is now\n \n US$ 29.0M\n \n –\n \n US$ 32.5M\n \n . The funding package consist of a mix of senior debt, off-take revolver, local equity and Funded Construction Services, which will be used to strengthen the company's balance sheet and secure construction of the critical projects needed for the Company's Santander Pipe Project in\n \n Peru\n \n .\n \n \n \n Jorge Lozano\n \n , CDPR's COO stated: \"We are excited to enter into this Funded Construction Services agreement with CREC10. The group has an extensive track record in infrastructure projects, in both civil and mining, in\n \n Peru\n \n and globally.  In total, we have assembled\n \n US$ 29.0M\n \n –\n \n US$ 32.5M\n \n in funding, thus completing the capital requirements for the development and construction of the Santander Mine with a focus on the Pipe Project. The participatio...