G Mining Ventures Completes Second and Final Draw on $75 Million Term Loan from Franco-Nevada
G Mining Ventures Completes Second and Final Draw on $75 Million
Term Loan from Franco-Nevada
TSX: GMIN
OTCQX: GMINF
All amounts are in USD unless stated otherwise
BROSSARD, QC
,
April 23, 2024
/CNW/ -
G Mining Ventures Corp.
("
GMIN
" or the "
Corporation
") (TSX: GMIN) (OTCQX: GMINF) is pleased to
announce that it has drawn the remaining approximately
$33 million
on its
$75 million
senior secured term loan with an affiliate of Franco-Nevada Corporation
("
Franco-
Nevada
"), as previously announced in
July 2022
. The proceeds of the term loan will be used to continue the development and construction of
GMIN's 100% owned Tocantinzinho Gold Project ("
TZ
" or the "
Project
"), currently under construction in the State of Pará,
Brazil
. The Project remains on
track and on budget for commercial production in H2-2024.
In connection with the draw on the term loan, GMIN provided evidence to Franco-Nevada that it has sufficient funding to fully satisfy the remaining Project
costs required to achieve commercial production and Project completion, as was the case for the first draw of approximately
$42 million
previously
announced on
January 30, 2024
.
Louis-Pierre Gignac
, President & Chief Executive Officer, commented:
"As our supportive financial partner, Franco-Nevada, is satisfied that we have
met the conditions to access this funding, I hope this gives comfort to our shareholders that TZ construction is nearing the finish line, and remains on track
and on budget for commercial production in H2-2024."
Virtual Site Tour and Feasibility Study Presentation
Updated satellite imagery and 360 photography showing the site progress is available through the corporate presentation at:
https://vrify.com/decks/14338
. A 3D presentation of the Project Feasibility Study is available at:
Feasibility Study 3D VRIFY Presentation
. Both presentations can be accessed by
visiting GMIN's website at
https://www.gminingventures.com
.
About G Mining Ventures Corp.
G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is a mining company engaged in the acquisition, exploration and development of precious metal
projects, to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer
by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Gold Project in mining
friendly and prospective State of Pará,
Brazil
.
Additional Information
For further information on GMIN, please visit the website at
www.gminingventures.com.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking
statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-
looking statements contained in this press release include, without limitation, those related to (i) the Project being on track and on budget for commercial
production in H2-2024; (ii) GMIN having sufficient funding to fully satisfy the remaining Project costs required to achieve commercial production; and
(iii)
more generally,
the section entitled "About G Mining Ventures Corp." as well as the Chief Executive Officer's comments, as quoted.
Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements,
are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to
be incorrect. Such
assumptions include, without limitation, those relating to the price of gold and currency exchange rates and those underlying the
statements in the "About G Mining Ventures Corp." section.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or
implied in any forward-looking statements. There can be no assurance that, notably but without limitation, the Corporation will (i) keep its expenditures and
schedule in line to bring the Project into commercial production within budget in the second half of 2024, or at any time thereafter, or (ii) leverage capital
and expertise to grow into the next mid-tier precious metals producer, as future events could differ materially from what is currently anticipated by the
Corporation.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates,
forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned
not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes
to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking
statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the
Corporation's other filings with the securities regulators of
Canada
including, but not limited to, the cautionary statements made in the relevant sections of
the Corporation's (i) Annual Information Form dated
March 27, 2024
, for the financial year ended
December 31, 2023
, and (ii) Management Discussion &
Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise
from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material
difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
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For further information:
Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, 647.728.4176, [email protected]
CO: G Mining Ventures Corp
CNW 06:35e 23-APR-24