Daily News: April 6, 2015

Macquarie, Others Confirm Romarco Debt Facility Terms

ROMARCO MINERALS provided an update on its Haile Gold Mine project in South Carolina with respect to the previously announced binding commitment for a project debt facility and the early site preparation activities currently underway. All dollar amounts in this news release are expressed in dollars unless otherwise noted.

Since its announcement on February 19, 2015, extending the date for completion of the $200 million debt facility, the company has been working with Caterpillar Financial Services, Macquarie Bank Limited and Societe Generale Corporate & Investment Banking to confirm the terms of the debt facility and complete the credit agreement and documentation. After reviewing the updated model, which includes surety bonding and diesel hedging, the company and the lenders have agreed to structure the Debt Facility in two Tranches a $180 million project facility and a $20 million cost overrun facility. All parties have agreed to extend the binding commitment and signing of the credit agreement is targeted to occur on or before April 10, 2015 and to complete documentation promptly in April. At this time, two of the three lenders have received credit committee approval and the third is working to secure approval in time to accommodate the new deadline.

The anticipated debt facility combined with the recent bought deal equity financing fully finances the Haile Gold Mine project.

The terms of the $200 million debt facility are substantially the same as previously disclosed, although in view of low oil prices a diesel hedging program has been agreed by both sides.

Romarco Minerals is a gold development company focused on production primarily in the U.S.