Business
MONTAGE GOLD SECURES US$825 MILLION FINANCING PACKAGE FOR THE CONSTRUCTION OF ITS KONÉ PROJECT IN CÔTE D'IVOIRE
MONTAGE GOLD SECURES US$825 MILLION FINANCING PACKAGE FOR THE CONSTRUCTION OF ITS KONÉ PROJE...
About this update from Montage Gold Corp.
[{"type":"text","content":"\n\n\n\n MONTAGE GOLD SECURES US$825 MILLION FINANCING PACKAGE FOR THE CONSTRUCTION OF ITS KONÉ PROJECT IN CÔTE D'IVOIRE\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 HIGHLIGHTS:\n \n\n\n\n\n\n US$825m\n \n financing package secured from strategic partners Wheaton Precious Metals and Zijin Mining to fund the build of the Koné project in Côte d'Ivoire, increasing Montage's liquidity sources to\n \n US$968m\n \n inclusive of cash on hand\n \n\n\n\n\n\n Wheaton Precious Metals to provide a U\n \n\n\n S$625m\n \n gold stream and a\n \n US$75m\n \n loan facility\n \n\n\n\n Montage retains significant exploration upside as the stream is limited to the Koné and Gbongogo deposits plus a 500-meter boundary and an expanded area of interest until certain dropdown thresholds are met\n \n\n\n\n Montage can reduce the stream deliveries to nil by supplementing scheduled deliveries with ounces produced from outside of the Koné and Gbongogo deposits, following the delivery of an agreed minimum number of ounces\n \n\n\n\n Montage can accelerate its deleveraging with flexibility to deliver in excess of its minimum required commitments\n \n\n\n\n Montage participates in the upside in the gold price as the production payment is based on a gold price sliding scale for the first 5 years, with a minimum transfer price of 20% at a gold price above\n \n US$2,100\n \n /oz\n \n\n\n\n\n\n\n\n Strategic shareholder, Zijin Mining, demonstrates further support for the advancement of the Koné project by providing Montage with\n \n US$125m\n \n of funding sources comprised of:\n \n\n\n\n\n US$50m\n \n loan facility with a 9-year tenure with an annual interest rate of SOFR + 4%, a 3-year drawdown availability period, and no upfront fees nor commitment fees\n \n\n\n\n\n US$75m\n \n fully redeemable\n \n\n subordinated\n \n\n gold stream, with the first and second buyback option dates anticipated to occur at the end of 2029 and 2030, respectively\n \n\n\n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Oct. 23, 202...