logo-loader

Apollo Gold gets US$15 mln bridging loan for Black Fox, Canada

Last updated: 15:00 11 Dec 2008 AEDT, First published: 16:00 11 Dec 2008 AEDT

no_picture_pai

Apollo Gold Corp said it has closed a US$15 million bridge financing facility with Macquarie Bank Ltd and RMB Resources Inc relating to its 100 percent- owned Black Fox project near Timmins, Ontario, Canada.  
At this time, Apollo can utilize US$6 million of the bridging loan to advance the Black Fox Project with the balance of US$9 million to be utilized pending satisfaction of certain conditions required by the banks.


The bridging loan is required to ensure that development of the open pit mine and the upgrade of the mill continue on schedule, while Macquarie Bank and RMB Resources are still conducting due diligence and a project review.


In May 2008 Apollo retained Macquarie Bank and RMB Resources as joint arrangers and underwriters for the Black Fox project finance facility.


The Bridge Facility will mature on June 30, 2009, but may be refinanced before that date if the project facility is finalized.  Apollo expects that following completion of the due diligence process, and assuming Apollo is able to satisfy various conditions, Apollo and the banks would be in a position to finalize the project facility that will fund Black Fox through to commencement of production in April 2009.


Apollo is a gold mining and exploration company which operates the Montana Tunnels Mine, which is a 50 percent joint venture with Elkhorn Tunnels, LLC, in Montana, the Black Fox development project in Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 42 minutes ago