Roxgold announced the first drawdown of $30 million has been completed under the previously announced $75 million 6-year senior secured project finance facility for the development of the Yaramoko Gold Project in Burkina Faso.

Roxgold said the facility is jointly provided by Societe Generale Corporate and Investment Banking and BNP Paribas.

Roxgold noted that since the last update, activities onsite at the Yaramoko Gold Project have continued to advance with the bulk earthworks and camp construction approaching completion. Underground mine development and process plant civil works have also commenced.

With the recently completed private placement to the International Finance Corporation and the project finance facility, Roxgold is fully funded to complete the Yaramoko Gold Project. Following completion of the initial drawdown of the debt financing facility, the company’s cash position, including the restricted $15 million cost over-run account, is approximately $61 million.

Available project financing remaining from the debt facility is $45 million. A further $10 million is available from AUMS in exchange for pre-production underground development work.

Remaining estimated pre-production capital required for the development of the Yaramoko Gold Project is $85.3 million. Total facility interest and fees are approximately $4.5 million.

Advances under the project finance facility will bear interest at a rate of LIBOR plus 4.75% pre-completion and 4.25% post completion.