Bluestone Resources has entered into a $30 million credit facility with Natixis.
The proceeds from the credit facility will be used for detailed design and engineering, early development work at the Cerro Blanco gold project and for general corporate purposes.
“We are pleased to receive this support from Natixis and The Lundin Family through Nemesia S.à.r.l. The credit facility reflects a strong endorsement for the Project and will allow us to continue advancing financing initiatives and commence engineering & development activities,” said Darren Klinck, president and CEO.
“We have received strong interest on project financing and are currently working with a group of reputable international mine finance banks and multinational development institutions. The Natixis credit facility provides us with the additional time needed to finalize a senior debt project financing package while allowing us to get started on important early design & engineering activities,” said Peter Hemstead, CFO. commented.
Key terms of the facility:
- Up to one-year term with no repayment penalty
- $30 million commitment
- Interest rate of LIBOR + 0.45%
Bluestone has also added Jack Lundin to the management team at CEO with current President & CEO, Darren Klinck retaining the role of president.
Bluestone Resources is a mining development & exploration company focused on advancing the permitted high-grade Cerro Blanco Gold Project.