The financing package of US$540 million construction financing with the Orion Mine Finance Group and Blackstone Tactical Opportunities has been negotiated. The Financing, which provides for immediate access to US$340 million at closing, will fund a substantial portion of the costs to develop an underground mine at Pretivm’s Brucejack Project. The Financing is comprised of a credit facility for US$350 million, a US$150 million prepayment under a callable gold and silver stream agreement and a private placement of Pretivm common shares for US$40 million.All of the major regulatory permits required to begin development work towards commercial production at the Brucejack Project have been issued.
The Board of Directors approved a production decision for the Brucejack Project. The production decision was made following receipt of all of the major regulatory permits required to begin development work at the Brucejack Project and the announcement of the financing with Orion and Blackstone.
With US$340 million expected to be in hand from the closing of the financing with Orion and Blackstone, construction at the Brucejack Project will commence with commercial production targeted for 2017.
For the news release on the construction financing package and production decision click here.