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Minera Alamos Announces $2 Million of Early Funding Under Its Royalty Facility with Osisko Gold Royalties for the La Fortuna Gold Project, Durango, Mexico
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - December 12, 2018) - Mine...
About this update from Minera Alamos Inc.
[{"type":"text","content":"Minera Alamos Announces $2 Million of Early Funding Under Its Royalty Facility with Osisko Gold Royalties for the La Fortuna Gold Project, Durango, MexicoToronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - December 12, 2018) - Minera Alamos Inc. (TSXV: MAI) (\"Minera Alamos\" or the \"Company\") is pleased to announce it has obtained $2 million of early funding in connection with its previously announced royalty agreement (the \"Royalty Option Agreement\") through the execution of a secured senior convertible loan agreement (the \"Loan\" or \"Loan Agreement\") with Osisko Gold Royalties Ltd (TSX: OR) (\"Osisko\"). The Loan may be converted into a 1% NSR on the La Fortuna gold project pursuant to the Royalty Option Agreement entered into with Osisko in May 2017, as detailed below. Further to the Company's news release dated November 21st, 2018 (\"Minera Alamos Receives Positive Notice Regarding Permit Applications for La Fortuna Gold Project in Durango, Mexico\"), the majority of the new funds are destined for a change of land use payment requested by the Mexican authorities (Secretaria de Medio Ambiente y Recursos Naturales - \"SEMARNAT\") in conjunction with the La Fortuna gold project permit applications. Following the completion of the change of land use payment, SEMARNAT will then be in a position to issue the formal approval documentation for the La Fortuna project.\"As stated previously, the receipt of formal permit notifications for the La Fortuna gold project represents a major milestone for the Company. We are appreciative of the support provided by Osisko Gold Royalties allowing for us to meet the permitting payment deadlines,\" stated Minera Alamos CEO Darren Koningen. \"We can now look forward to 2019 and the beginning of site preparation work leading to a construction decision later in the year.\" \"We are pleased to provide continuing support to the efforts of the Minera Alamos team as they successfully advance the La Fortuna gold project through permitting and toward a production decision,\" stated Sean Roosen, Chairman and Chief Executive Officer of Osisko Gold Royalties. \"The progress that Minera Alamos has made this year is a testimony to their ability to advance their development portfolio and we look forward to working with them as they transition to a gold producer.\"$2 MILLION SENIOR SECURE...