West Red Lake Gold Mines entered into a completed credit agreement with Nebari Natural Resources Credit Fund II pursuant to which the company will borrow up to a maximum principal amount of $35 million to be issued in three tranches: $15 million, $15 million and $5 million. Tranche 1 was drawn down on Dec. 31, 2024.
“Nebari is excited to partner with West Red Lake Gold to support the restart of the Madsen project,” Richard Gaze, managing director of Nebari, said. “We have high confidence in the dedication and professionalism of the West Red Lake Gold team and look forward to the successful restart of commercial gold production at Madsen.”
The proceeds from the credit facility will be used to complete the remaining capital costs to restart the Madsen Mine and other corporate, exploration and working capital expenses.
