SAN FRANCISCO, CA--(Marketwired - February 03, 2017) - Victoria Gold Corp.'s (TSX VENTURE: VIT) Eagle project in the Yukon moved closer to production with the announcement of a debt facility to fund construction.
Company included in article: Victoria Gold Corp.
Victoria Gold announced on Jan. 24 that BNP Paribas has been appointed to arrange up to US$220 million of senior, secured project debt for the Eagle gold project. John McConnell, Victoria's president and CEO, stated, "This facility is expected to be the foundation of the financing package that will fund the Eagle Project through construction and into production."
Chris Thompson, an analyst with Raymond James, noted in a Jan. 25 report that the financing "satisfies ~80% of the estimated C$370 mln initial Capex required to build Eagle. Whilst VIT has ~C$66 mln in cash on its balance sheet, we see additional funds being raised via equity financing." He also stated that "Eagle is shovel-ready, fully permitted and enjoys the support of local First Nations. Further, while located in Yukon (some view as infrastructural challenged), we see Eagle as being well served by current (camp, road, water) and future (power) infrastructure."
Richard Gray of Cormark Securities noted in a Jan. 26 report that the appointment of the lead arranger is a "good first step for Victoria in its efforts to fully fund the construction costs of the C$370 MM Eagle project. . .Eagle continues to be well advanced with an invaluable suite of infrastructure already in place (or easily completed)."
Continue reading this article: Victoria Gold's Eagle Is Getting Ready to Soar
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