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Lion One secures $37m for Fiji gold project

20th January 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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TSX-V- and ASX-listed Lion One Metals has secured $37-million in financing, which it will use to accelerate project construction and development at its Tuvatu Alkaline gold project, in Fiji.

The facility consists of a $35-million senior secured first lien term loan with Nebari and a $2-million equity investment in common shares of Lion One.

Nebari will purchase 3.26-million common shares of Lion One at C$0.86 a share.

“We are extremely pleased to have secured Nebari as a financial partner and major shareholder in the development and future success of Tuvatu. They are a vastly experienced group, are aligned with our key values and stakeholders, and have delivered a creative solution to bring the Tuvatu project to completion and enhance shareholder value tremendously,” said chairperson and CEO Walter Berukoff.

The Tuvatu project is set to enter production later this year.  On average, the mine will produce 77 969 oz/y over five years, at an all-in sustaining cost of $788/oz.

Edited by Creamer Media Reporter

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