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Trans-Siberian secures a further $5m

22nd June 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

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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.

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Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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