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West Red Lake Gold announces final drawdown of US$12.5 Million under Nebari Credit Facility
VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (&#...
About this update from West Red Lake Gold Mines Ltd
[{"type":"text","content":"West Red Lake Gold announces final drawdown of US$12.5 Million under Nebari Credit Facility\n\n\n\n VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) --\n \n West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF)\n \n announces that it has drawn the remaining US$12.5 million (“\n \n Final Tranche\n \n ”) of its previously announced US$35 million credit facility (the “\n \n Credit Facility\n \n ”), with Nebari Natural Resources Credit Fund II LP (“\n \n Nebari\n \n ”).\n \n\n The Credit Facility was entered into on December 31, 2024 and announced on January 2, 2025 [see\n \n https://westredlakegold.com/west-red-lake-gold-closes-us35-million-credit-facility-with-nebari-and-announces-drawdown-of-us15-million/\n \n ], with the first drawdown of US$15 million received on December 31, 2024 (“\n \n Tranche 1\n \n ”) and the second tranche of $7.5 million announced on March 19, 2025 (“\n \n Tranche 2\n \n ”).\n \n\n The proceeds from the Final Tranche will be used for: 1) completing the remaining capital costs to restart the Madsen Mine, and 2) other corporate, exploration and working capital expenses.\n \n\n Repayment of 50% of principal outstanding via fixed straight-line amortization commences on the 15th month following the draw-down of Tranche 1. The remaining 50% of borrowed funds are due on the maturity date. The Credit Facility may be repaid prior to maturity at any time subject to the additional payment of a make-whole threshold.\n \n\n Interest will accrue on the advanced outstanding principal amount of the loan based on a floating rate per annum equal to the sum of: (i) the three-month term SOFR reference rate administered by CME Loan Party Benchmark Administration Limited (CBA) (the “\n \n Term SOFR\n \n ”), as determined on the first date of each calendar month; and (ii) 8.0% per annum, provided that, if the Term SOFR is less than 4.0%, it shall be deemed to be 4.0%.\n \n\n In addition, the Company is paying to Nebari an administration fee of US$30,000 per annum and an arrangement fee in the amount of 1.5% of the funded amount for each tranche, further details set out in the Loan Agreement.\n \n\n No finder’s fees are payable in connection with the Credit ...