Designated News Release
VANCOUVER, BC, Oct. 28,
2022 /PRNewswire/ - GoldMining Inc.
("GoldMining" or the "Company") (TSX: GOLD) (NYSE
American: GLDG) is pleased to announce that it has extended its
existing loan facility (the "Facility") with the Bank of
Montreal for an additional year to
October 27, 2023.
The Company has elected to reduce the overall size of the
Facility from US$20 million to
US$10 million in order to reduce the
carrying costs on unused amounts. Currently, there is only
US$7 million drawn on the Facility,
which reflects a previously disclosed US$3
million repayment made by the Company to provide greater
capital flexibility.
The Facility bears interest at a rate equal to the 3-month USD
Adjusted Term Secured Overnight Financing Rate (SOFR) plus 5.65%
per annum. The Facility, including additional advances, is subject
to customary conditions and margin terms.
As of October 27, 2022, GoldMining
has approximately C$78.4M in cash and
marketable securities, including 21,178,659 shares of Gold Royalty
Corp. and 5,925,925 shares of NevGold Corp.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold assets in the Americas.
Through its disciplined acquisition strategy, GoldMining now
controls a diversified portfolio of resource-stage gold and
gold-copper projects in Canada,
U.S.A., Brazil, Colombia, and Peru. The Company also owns more than 21
million shares of Gold Royalty Corp.
Forward-looking
Statements
This document contains certain forward-looking statements that
reflect the current views and/or expectations, including regarding
the Facility. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the markets in which GoldMining
operates. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including the ongoing
risk of margin calls under the Facility if markets deteriorate,
that the Company may not meet conditions for any further borrowings
under the Facility. These risks, as well as others, including those
set forth in GoldMiningꞌs Annual Information Form for the year
ended November 30, 2021, and other
filings with Canadian securities regulators and the U.S. Securities
and Exchange Commission, could cause actual results and events to
vary significantly. Accordingly, readers should not place undue
reliance on forward-looking statements and information. There can
be no assurance that forward-looking information, or the material
factors or assumptions used to develop such forward-looking
information, will prove to be accurate. The Company does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable securities law.
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SOURCE GoldMining Inc.
