Proactive Investors - Run By Investors For Investors

Red5 completes US$25M financing

Red5 completes US$25M financing

Red5 (ASX:RED) has fully drawn a new US$25 million prepaid gold swap facility recently entered into with Credit Suisse, the proceeds of which will be used to engage a second earthmoving contract at its Siana mine in Philippines.

The facility, which was entered into by Red5's Philippine subsidiary Greenstone Resources Corporation, is repayable over thirty months starting six months after draw down.

The repayment schedule includes interest at a commercial rate and amortised establishment fees.

Also in order to protect the loan, the facility provides GRC with a  zero cost put and call structure over 40,000 ounces, which is about 13% of the production during the loan period.

The funds will be used to the award of a second earthmoving contract, which will speed up the waste movement as well as to various minor capital productivity and efficiency expenditure.

Red5 is focused on developing the Siana gold mine in the Mindanao Island in the Philippines.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

View full RED profile View Profile

Red 5 Ltd Timeline

December 31 2012

Related Articles

lithium rock
September 19 2018
Preliminary feasibility study (PFS) completed, definitive feasibility study (DFS) scheduled for delivery by the end of 2018.
June 14 2018
In April, Vast also acquired an indirect interest of 23.75% in the Eureka gold mine
Horse Hill drilling site under construction
March 14 2018
Sue Corrigan is a geologist and geoscientist with 40 years' industry experience in both exploration and development geology

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use