Victoria Gold appointed BNP Paribas as the sole mandated lead arranger to arrange up to $220 million of senior, secured project debt for Victoria’s Eagle Gold Project in Yukon, Canada.

Selected terms of the facility as per the engagement letter with BNPP include payment of customary arrangement and underwriting fees, LIBOR based interest rates, a tenor of six years, a cash sweep and customary covenants for a facility of this type.

Auramet International acted as financial advisor to Victoria in connection with the proposed facility. The facility is subject to successful syndication which may include satisfactory due diligence, sufficient capital being raised to fully fund the project, including cost over-run support, credit committee approvals, hedging and other conditions precedent.

John McConnell, president and CEO of Victoria commented. “This facility is expected to be the foundation of the financing package that will fund the Eagle Project through construction and into production. This is the first important milestone in what promises to be a very busy and exciting 2017 at Victoria. We look forward to continuing to work with BNP Paribas toward commitment and closing.”