Business
Investment Update: Golden Sun Resources Ltd
Investment Update: Golden Sun Resources Ltd.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n MINERAL AND FINANCIAL INVESTMENTS LIMITED\n \n \n \n Investment Update: Golden Sun Resources Ltd.\n \n \n \n HIGHLIGHTS\n \n \n :\n \n \n \n ·\n \n Golden Sun Resources and Sprott Resource Streaming and Royalty Corp. have closed a US$10M financing to build 400 TPD Carbon In Leach Plant at BellaVista.\n \n \n \n ·\n \n M&FI Converted its Convertible Loan Notes into common shares to facilitate completion of Financing\n \n \n \n ·\n \n M&FI's Note investment in GSR have returned +153% to conversion face value\n \n \n \n ·\n \n Project construction at Golden Sun began in December 2022 and should be completed in March 2024\n \n \n \n \n Camana Bay, Cayman Islands - 15 February 2023 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL)\n (\"M&FI\" \"MAFL\" or the \"Company\")\n is pleased to provide an update on its investment in Golden Sun Resources Ltd. (GSR) investment. GSR operates the Bellavista Mine, located near Miramar in Costa Rica. Terrasun Resources Inc, GSR's exploration subsidiary, holds a portfolio over a dozen exploration projects that have historic resources or are highly prospective. Terrasun is a wholly owned subsidiary and the intention is that the subsdiary will be spun-out to GSR shareholders, further updates on this will be provided in due course as this progresses. GSR combined with Terrasun, is the largest mining and exploration group in Costa Rica.\n \n \n GSR and Sprott Resource Streaming and Royalty Corp (\"Sprott\") have entered into a US$10.0M Streaming based financing package to expand the BellaVista operations from a small scale Pilot Plant heap leach operation to a full mining and milling operation (the \"Financing Package\"). The financing package will fund several initiatives, and the construction of a 400 tonnes per day Carbon in Leach (CIL) mill. The mill construction and expansion is expected to be completed by March 2024.\n \n \n To facilitate the execution of the Financing Package M&FI has agreed to convert its existing secured convertible loan notes (known as the Series B Notes (issued on 30 June 2019), the Series C Notes (issued on 31 January 2020) and the Series D Notes (issued on 26 May 2021) (together the \"Secured Convertible Notes\")) into common shares of Golden Sun Resources. All the Secured Convertible Notes accrued in...