– Transformational Transaction Creates Leading World Class Growth Royalty Company
– Doubles Near-Term Cash Flow and Triples Cash Flowing Assets
– La Caisse and Fonds Invest C$200 and C$75 Million in Osisko, Respectively
Teck Resources Limited announced today that it has issued a notice of redemption to redeem, on June 7, 2017, all of the approximately US$84 million principal amount of its 3.000% notes due 2019 and all of the approximately US$130 million principal amount of its 8.000% notes due 2021. Interest expense savings resulting from the redemption are expected to be approximately US$10 million per annum, on an after-tax basis. Teck expects to record an estimated net after-tax accounting charge of approximately US$19 million in connection with the redemption. The Bank of New York Mellon Trust Company, as trustee, has distributed the notice of redemption to registered holders of the Notes. Teck expects to fund the redemptions from cash on hand.
The net proceeds from the Placement are intended to fund the lithium exploration program that will be conducted on the Company’s lithium properties, the review and assessment of additional potential lithium mineral property acquisitions in South America, and general and administrative expenses and working capital.
The net proceeds received by the Company are intended to be used to advance the Tuligtic Project through continued engineering, permitting activities and exploration drilling, as well as for general corporate and working capital purposes.
MEXICAN GOLD CORP. today announced the appointment of Mr. Gavin Nelson as Chief Financial Officer, effective immediately.
Fred Stanford, President and CEO of Torex said: The Project Finance Facility was an excellent financing product for the construction of ELG, our first mine. A very productive relationship was established with the Joint Bookrunners through the process of developing ELG. Torex has received a number of financing proposals across products, and the Loan Facility to be provided by the Joint Bookrunners represents an optimal, flexible and cost effective financing option for the Company, with materially reduced administrative effort, which will provide more management time for optimizing operations and future developments. We look forward to continuing that relationship with the Joint Bookrunners as we transition to the next phase of the Companys growth.
McEwen Mining Inc. is pleased to announce the results of the annual meeting of shareholders held on May 25, 2017.
“The fiscal results of the first quarter of 2017 and the fourth quarter of 2016 reflect a transition period for the Company as it added two new sources of mineralized material at the Rosario Project and expanded the development of mineralized material from previously mined stopes at Veta Grande referred to as “Chorros”” stated Arturo Préstamo, CEO of Santacruz adding, “As a result of mining the Chorros, the operating costs are substantially reduced and we look forward to continued production improvements at both Rosario and Veta Grande over the coming quarters.”
Aura Minerals Inc. announces the results of the votes held at the Annual General and Special Meeting of Shareholders held in Road Town, Tortola, British Virgin Islands.
Highlights of the Oxide Tailings Preliminary Economic Assessment
Significant pre-tax NPV8% of US$40.5 million
Attractive pre-tax IRR of 48.4%
2 year pay-back period
Total capital expenditures of US$28.5 million
7 year mine life with LOM of 3.12 million tonnes of oxide tailings material
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