JOHANNESBURG (miningweekly.com) – TSX-listed Carpathian Gold has advised that the funds made available under tranche three of a project finance facility entered into between Macquarie Bank and its wholly-owned subsidiary, Mineração Riacho dos Machados (MRDM) would be increased by $1.56-million.
The exploration and development company said on Thursday that the agreement raised the facility to $227.86-million, of which about $226.14-million was currently drawn.
Under the terms of the agreement, the forbearance period had been extended to August 5, with repayment of any funds drawn down under tranche three to be effected by August 5. There was no assurance that Macquarie would agree to any further extensions to the forbearance period or the tranche-three repayment date.
In addition, Carpathian noted that it had concluded a further extended forbearance and amendment agreement with Macquarie on the gold stream transactions entered into by the bank, itself and MRDM.
The previously announced forbearance period, which expired on Friday, had also been extended to August 5. There was also no assurance that Macquarie would agree to any further extensions of the forbearance in this regard.
Carpathian was the 100% owner of the gold-producing Riacho dos Machados project in Brazil, which is operated by MRDM.