JOHANNESBURG (miningweekly.com) – Trans-Siberian Gold’s wholly owned subsidiary ZAO Trevozhnoye Zarevo (TZ) on Thursday entered into a three-year agreement with VTB Bank for an additional $5-million debt facility.
The company on Wednesday secured a five-year $15-million facility with the bank, aimed at repaying two existing loan facilities amounting to $14.8-million and to provide additional funds for working capital and other corporate purposes.
The terms of this new facility represent a material improvement on the terms of TZ's previous borrowing, with the yearly interest rate having been reduced by 30%, the miner noted.