Business
Tagish draws down C$750,000 on closing of previously announced feasibility finance facility with Macquarie Bank Limited
Tagish draws down C$750,000 on closing of previously announced feasibility finance facility with Macquarie Bank Limited.
About this update from Troilus Mining Corp
[{"type":"text","content":"\n\n\n\n(TSX-V: TLG)\n\n\nRICHMOND, B.C. June 11 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)\nFurther to the Company's previous news releases (January 10, 2007, November 20\nand September 13, 2006), Tagish and Macquarie Bank Limited ("Macquarie") have\nclosed the debt portion of the interest-bearing C$1,500,000 secured\nfeasibility finance facility for the completion of the definitive feasibility\nstudy for the Company's Skukum Creek gold-silver project. The Company has\ndrawn down the first C$750,000 tranche concurrent with the closing. All funds\nadvanced to the Company will be due and repayable on June 7, 2009. The second\ntranche will be made available conditional on, among other things, successful\nreview of the feasibility study's progress.\n\n\nExcavation of drifts and raises continues on the Rainbow Two and Berg\nzones, outlined in diamond drilling last year. Mineral resource estimates,\nmineral process testing and tailings disposal plans are ongoing. The\nappointment of an engineering firm to complete the feasibility report will be\nannounced shortly.\n\n\nIn connection with the draw down, Tagish has granted Macquarie 1,600,000\nnon-transferable common share purchase warrants, each warrant entitling the\nholder to acquire one common share at a price of C$0.25 per share until\nJune 7, 2009. The first tranche warrants are subject to a hold period that\nwill expire on October 8, 2007 in accordance with the rules and policies of\nthe TSX Venture Exchange and applicable Canadian securities laws. Tagish has\nalso paid Macquarie a finance fee of $37,500 and will reimburse certain\nexpenses related to the transaction.\n\n\nAbout Macquarie Bank Limited\n\n\nMacquarie is a leading provider of financing for the global resources\nindustry, and Macquarie has extensive experience in providing debt finance to\ngold projects worldwide.\n\n\nAbout Tagish Lake Gold Corp.\n\n\nTagish Lake Gold Corp. explores for and develops high grade gold-silver\nmineral deposits in the Yukon Territory of Canada. The Company is currently\nfocused on its wholly owned, 178 km(2) Skukum Mineral District located 80 km\nby road south of Whitehorse. The Skukum Mineral District hosts the Skukum\nCreek gold-silver deposit and the Goddell Gully gold deposit, and the Mt.\nSkukum gold deposit.\n\n\nTHE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSI...