Astur Gold Closes C$10 Million Loan Facility With RMB Resources
06 Junho 2013 - 9:00AM
Marketwired Canada
Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the
"Company") is pleased to announce that it has closed the previously announced
C$10 million loan facility ("Facility") for its wholly owned subsidiary,
Exploraciones Mineras del Cantabrico ("EMC") with RMB Resources Limited ("RMB"),
the resource financing division of the FirstRand Group of South Africa. The
Facility will be used to fund the completion of a Definitive Feasibility Study
("DFS") on the Salave Gold Project, fund initial mine development, and to
provide for general corporate working capital purposes.
"Given the challenging commodity and equity markets, we are pleased to close
this this financing with RMB and forge ahead with development of the Salave Gold
Project. The Facility reflects RMB's confidence in our management team, gold
fundamentals, and our production plans going forward," stated Astur Gold
President & CEO Cary Pinkowski.
Loan Facility Terms:
-- 3 year term, priced at LIBOR plus 6.0% per annum;
-- Issuance of 5 million warrants, which will entitle RMB to purchase
common shares of Astur Gold for 36 months at an exercise price of $0.62;
-- RMB's security package includes a first ranking charge over the Salave
Gold Project and a pledge of the securities of EMC;
-- The Facility is subject to customary convents, conditions, and events of
defaults.
With funding now in place, Astur Gold has commenced its associated studies for
the DFS. The Company is also in the process of engaging key personnel and
intends to issue a technical update in the coming weeks.
ABOUT RMB RESOURCES
RMB Resources is the resource financing division of the FirstRand Group, which
is one of South Africa's largest financial institutions. RMB specializes in
providing equity- and debt-financing solutions for small to mid-tier resource
companies globally. RMB Resources provides debt funding through conventional
project financing, commodity pre-paid forward financing as well as senior,
subordinated, standby, and bridge financing. Staffed with experienced mining
executives, RMB Resources operates from its offices in Sydney, Melbourne,
London, Denver, and New York.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias,
northern Spain, which is one of the largest undeveloped gold deposits in Western
Europe. The Company received approval for an underground mine from the
Commission for Environmental Affairs of the Principality of Asturias in November
2012 and is completing additional requirements for the processing plant, water
discharge, and tailings licenses. The Company is working to build a partnership
with the people of Asturias to generate sustainable economic benefits for the
region while balancing the needs of environmental protection and social
community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer, President and Director
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. This document contains certain forward looking statements
which involve known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or achievements of
the Company to be materially different from the results, performance or
expectation implied by these forward looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Astur Gold Corp.
Vadim Dubchak
#300-1055 West Hastings Street, Vancouver, B.C., V6E 2E9
604-694-1600
info@asturgold.com
www.asturgold.com
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