Cleveland pegs down A$10m funding
PERTH (miningweekly.com) – Gold miner Cleveland Mining has signed a A$10-million investment facility with Boston-based Baycrest Capital, to fund the development of its Brazilian portfolio.
The ASX-listed Cleveland reported on Monday that the investment facility allowed the company to draw the cash down in tranches of up to A$500 000 each, over a three-year period.
Each draw-down would be matched by an issue of ordinary shares, priced at 100% of a weighted average market price formula.
MD David Mendelawitz noted that Cleveland was pleased to have flexible access to capital, particularly against the current constraints to finance in the resources sector.
“The facility shows solid support for Cleveland’s continuing development. We are set apart from other juniors in that we are a gold producer with multiple options to further expand our production and resource supply base.”
Mendelawitz added that the new source of funding gave Cleveland confidence to continue its Brazilian development, which included the optimisation of its Premier joint venture mine, and plans to start mining at the nearby, and soon to be gazette, O Capitao deposit.
Cleveland currently has two project hubs in Brazil. The Crixas hub is in the Goias state, while the Ampa hub is in the Ampa state.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation