Valentine Gold

Valentine Gold Project - Financing

Borrower (s)
Valentine Gold
Industry
Metals and Mining/Minor & precious metals
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
Canada

Deal Overview

Marathon Gold has closed a $185 million term loan credit facility with Sprott Private Resource Lending II. Proceeds will be used for the construction, development and working capital requirements of Marathon’s Valentine Gold Project, in the central region of Newfoundland and Labrador.The...

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Marathon Gold has closed a $185 million term loan credit facility with Sprott Private Resource Lending II. Proceeds will be used for the construction, development and working capital requirements of Marathon’s Valentine Gold Project, in the central region of Newfoundland and Labrador.

The 6.5-year facility will be funded into a debt proceeds account in two tranches, being $125 million at close and $60 million on December 31, 2022. Subject to conditions, the facility is available to Marathon Gold up to the end of March 31, 2025 on a prescribed schedule. 

A fee of $4 million is payable upon the Initial Advance. Upon first release, the outstanding amount of the facility will bear an interest of 7.75% plus the greater of three-month LIBOR, and 0.50% per annum, payable quarterly. The Initial Advance Fee and 75% of the interest accruing to the end of the Availability Period shall be capitalized.

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Deal Volume
$185m
Financial Close
31 March 2022

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Projects

Valentine Gold Project

Greenfield
Minor & precious metals
North America
Canada
$250m