Roxgold has announced that it has successfully executed documentation to refinance its existing Yaramoko Facility in Burkina Faso and secure an additional US $20m as a revolving credit facility to provide increased liquidity and financial flexibility.
The amended Facility was financed through our existing senior bank financiers, Societe Generale and BNP Paribas. The Facility refinances the current outstanding loan balance of US $37m with revised repayment terms extending the repayment period from June 30, 2021 to December 30, 2022 which reflects the Company’s continued success in extending the project’s mine life. The Company has also secured an additional US $20m as a revolving credit facility to further support its growth initiatives.
President and CEO, John Dorward, welcomed the support of existing finance banks and was pleased to have secured flexible, low-cost funding in the current market environment. “I thank our existing banking partners for their long-standing support and recognition of the strength of our business. The Facility provides immediate liquidity and strengthens our balance sheet whilst providing further financial flexibility. The deferment of repayment requirements will allow us to aggressively build cash on our balance sheet to support the development of the Séguéla Gold Project which is continuing to advance with the Feasibility Study on schedule for early in 2021,” he said.
Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko facility located on the Houndé greenstone belt in Burkina Faso and is advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire.