Jaguar Mining Inc. has announced that the company has entered into a short-term senior secured bridge facility with Auramet International LLC
It will be for US$7.85 million, with a term of 120 days, a coupon rate of 14%, a closing fee of 1% and is secured by all shares of Jaguar's 100% owned subsidiary Mineracao Serras Do Oeste Eireli (MSOL). The facility closed on 15 July 2019 and expires on 15 July 2019.
The net proceeds of the Financing are intended to fund working capital requirements, underground development at Turmalina and for general corporate purposes.
The company continues to explore longer term financing options that may include the issuance of debt or convertible debt securities, the issuance of various forms of equity securities, joint venture or other arrangements with third parties, or the sale of certain assets. There is no assurance that any such financing transaction will be completed within the 120-day term of the Facility.
Read the article online at: https://www.globalminingreview.com/finance-business/18032019/jaguar-mining-enters-into-a-us785-million-secured-bridgefacility/