Vancouver-based mining firm Eldorado Gold has acquired a strategic funding of C$81.5m ($59.9m) from the European Financial institution for Reconstruction and Growth (EBRD).
The corporate will make investments the proceeds from the location in its Skouries gold-copper mission in northern Greece.
This funding can be effected by means of a personal placement, and credited towards the corporate’s 20% fairness funding dedication to Skouries.
EBRD will subscribe for six.2 million of Eldorado Gold’s shares at C$13 apiece.
The corporate additionally signed an settlement with BMO Capital Markets and Nationwide Financial institution Monetary on behalf of a syndicate of underwriters.
On a bought-deal foundation, the underwriters will make investments C$135m in Eldorado Gold for 10.4 million of its shares at C$13 per share.
The underwriters have additionally been given a possibility to buy an extra 1.56 million shares, 30 days from the closing of the deal.
If the choice is exercised, Eldorado will obtain a complete of C$155m.
Proceeds from the underwriters’ funding can be used for supporting development actions throughout its world portfolio, together with people who haven’t been devised underneath its five-year plan.
Eldorado Gold president and CEO George Burns mentioned: “We’re happy to be saying a strategic fairness funding from the EBRD and we view its funding as an endorsement of the Skouries mission and Eldorado’s dedication to the best environmental and social requirements throughout our portfolio.
“The EBRD’s fairness funding, coupled with the Greek lenders in our lately closed mission finance facility, supplies strategic companions as we advance Skouries in the direction of industrial manufacturing.”
Skouries is a high-grade gold-copper-porphyry mission positioned on the Halkidiki Peninsula.
Eldorado plans to make use of a mix of standard open mining and underground mining methods to mine the mission.
As soon as constructed, the mine could have a complete lifetime of 20 years, throughout which it’s anticipated to yield a median of 140,000oz of gold and 67 million kilos of copper yearly.
Final month, the corporate’s subsidiary Hellas Gold secured €680m to assist the mission.
