Sacre-Coeur to access US$3M for mining projects in Guyana
Canadian gold exploration company Sacre-Coeur Minerals says it has signed a letter of intent with investment group AGR for a US$3 million financing that will be used for its mining projects in Guyana.
The company also announced a Cdn$500,000 private placement offering, with the proceeds also to be used for its mining projects in Guyana. The US$3 million gold forward sale agreement with AGR, an investment group focused on natural resource markets including minerals, agriculture and forestry, will be structured as a gold forward sale, Sacre-Coeur said in a statement recently.
Delivery on the sale will be from 6% of the company’s net gold production, for total delivery of 4286 ounces of gold against the forward sale. Full delivery must be made by March 31, 2017, with closing of the financing expected around May 15. Sacre-Coeur said closing is subject to approval by the company’s bondholders, as well as to …..To continue reading, login or subscribe now.