Business
Thor Explorations Ltd. Receives Commitment for Financing of 10% of US$65M EPC Contract for the Construction of the Segilola Gold Project From Norinco International Cooperation Limited
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Thor Explor
About this update from Thor Explorations Ltd.
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce it has received a commitment from Norinco International Cooperation Limited (“Norinco International”) for 10% financing of the lump-sum turnkey, engineering, procurement and construction (“EPC”) contract (“LSTK EPC Contract”) value awarded to Norinco International for the development of the Company’s 100% owned Segilola Gold Project in Nigeria (the “Segilola Project”). This follows the announcement of Investment Committee approval for US$78 million of funding from the Africa Finance Corporation earlier this week. Highlights Segilola Project funding approvals increased to US$84.5 million Commitment to fund 10% of US$65m LSTK EPC Contract from Norinco International Extends Norinco International’s partnership with Thor and Norinco International’s commitment to the delivery of the Segilola Project Thor to proceed with LSTK EPC Contract finalisation and start of construction works with first production targeted within 18 months of LSTK EPC Contract commencement The financing is subject to the execution of the LSTK EPC Contract, mutually satisfactory documentation and completion of legal due diligence, which are expected to be completed in May 2019. Segun Lawson, President & CEO of Thor Explorations Ltd, stated: \"Norinco International has supported Thor throughout the Definitive Feasibility Study process and this financial commitment to advancing the Segilola Project demonstrates both Norinco International’s confidence in its ability to deliver the construction of the project at a fixed price under the LSTK EPC Contract and the economic robustness of the underlying project. We are very pleased with the partnership that has developed with Norinco International and look forward to jointly implementing the Segilola Project build.” Video Animation of the Segilola Gold ProjectA video animation of the Segilola Gold Project is on the Company’s Website: www.thorexpl.com/ Facility Terms: Five year term from effective date of the LSTK EPC Contract Drawdowns equal to 10% of each amount invoiced under the LSTK EPC Contract 21 month moratorium on principal followed by 13 quarterly repayments No interest ch...