Canadian gold explorer and producer Abcourt Mines has completed financing of $6.5-million with the Royal Bank of Canada to accelerate the development of the Sleeping Giant mine, in Quebec.
The TSX-V-listed company acquired the Sleeping Giant mine and mill in 2016, and in June 2020 announced plans to reopen the mine and mill, which has the capacity to treat 700 t/d to 750 t/d.
Abcourt said all the closing conditions for the financing had been satisfied and that the first $1-million was deposited into its account.
The financing includes a term loan of $5-million, repayable over five years at a yearly interest rate of 2.99% for the first year, with the rate to be determined for each successive request for funds. The loan will be secured by a movable hypothec on the equipment and rolling stock and by the accounts receivable.
The financing also includes a credit facility of $1.5-million for the purchase of mining equipment, 100% guaranteed by the purchased equipment.