GoldMining Inc. (TSX: GOLD) announced today that it has closed its previously announced agreement with the Bank of Montreal. The firm has secured a US$20 million loan facility from the Canadian bank.
The loan facility is subject to the 3-Month London interbank offered rate plus 5.65% annual interest rate. It is also secured against Gold Royalty Corp. shares owned by the company and has a one-year maturity period, with an option to extend for another year.
The mining firm relayed that the proceeds of the facility will be available for advancing its projects, including the preliminary economic assessments for the 100%-owned Yellowknife Gold project in Northwest Territories, São Jorge Gold Project in Pará State, Brazil, and La Mina Project in Antioquia, Colombia, as well as general corporate purposes and acquisitions.
Per the terms of the facility, the minimum initial advance of $10 million has already occurred.
GoldMining Inc. last traded at $1.69 on the TSX.
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