“This represents a further step towards right sizing our credit facility to support our growth pipeline, highlighted by our Mantoverde Development Project which remains on-time and on-budget. We are pleased to have achieved competitive terms and an extended maturity to 2027,” stated Raman Randhawa, Chief Financial Officer.
The sale of these non-core assets is aligned with Pan American’s stated aim of optimizing its portfolio following the acquisition of Yamana Gold Inc.
Orex Minerals Inc. today announced that, effective September 27, 2023, the Company will consolidate its issued and outstanding common shares at a ratio of ten pre-consolidation Shares to one post-consolidation share. The reasons for the Consolidation are to increase the Company’s flexibility and competitiveness in the marketplace and to attract new equity investment in the Company.
The Board of Directors of Colibri Resource Corporation is pleased to announce the appointment of Ian McGavney as the President and Chief Executive Officer of the Company. The Company also wishes to announce the retirement of Ron Goguen Sr. from the position of President and CEO.
As more fully described in the Company’s Information Circular dated August 9, 2023, shareholders were asked to consider and, if thought fit, to pass an ordinary resolution to approve the: (i) issuance of a five-year convertible promissory note to defer a US$25 million current liability owed to Equinox Gold Corp.; and (ii) creation of Equinox Gold, and/or any affiliates of Equinox Gold, as a new “Control Person” of the Company.
Greg Smith, President & CEO of Equinox Gold, commented: “This debt financing enables us to pay down part of our revolving credit facility, providing immediate interest savings while also positioning us to manage the upcoming maturity of our April 2024 $140 million convertible notes.”
Shawn Howarth, President and CEO of Excellon, commented, “We are pleased to reach an agreement with Debentureholders. The restructuring announced today reduces debt with zero cash outlay and minimal equity dilution. We also thank Debentureholders, who have invested significant capital to support Excellon and continue to believe in the long-term potential of the Company.”
Management believes that share consolidation is necessary to provide the Company with a share structure that will better attract capital financing and that will provide for future growth opportunities.
Ernesto Balarezo Valdez, Sierra Metals’ CEO, stated, “Earlier this year, the Company deemed the Cusi silver mine a non-core asset and given current market conditions has made the difficult decision to put the mine on care and maintenance. In efforts to crystalize value for shareholders we have a process underway to sell Cusi.”
Shareholders approved all matters brought before the Meeting, including re-appointing Davidson & Company LLP, Chartered Professional Accountants, as the Company’s auditor and approving the continued use of the Company’s Omnibus Plan. In addition, Marcio Fonseca, Eric Zaunscherb, Fernando Berdegué de Cima, Larry Taddei, and Trevor Woolfe were all re-elected as directors for the ensuing year.
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