Funding received for the Chatree Gold Mine
Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate or the Company”) is delighted to advise that the first tranche of funds of US$7.5 million that is being provided by the Taurus Mining Finance Fund No.2 L.P. (the “Lender”), to refurbish and restart the Chatree Gold Mine has now been received. (See ASX:KCN release titled “Funding secured for the Chatree Gold Mine dated 10 May 2022).
To ensure that Kingsgate has adequate capital to fully fund the refurbishment and restart of Chatree, the Company is also negotiating with the Lender a US$30 million Project Facility to replace the Bridge Facility at the appropriate time. The proposed Project Facility remains subject to satisfaction of further due diligence by the Lender.
Ross Smyth-Kirk OAM
Kingsgate Consolidated Limited