By Lisa Kerner
Charlotte, N.C., Oct. 31 - Brigus Gold Corp. completed its previously announced placement of $30 million three-year senior notes.
Proceeds of $24.4 million will be used to repurchase 4% of the existing 12% goldstream with Sandstorm Gold Ltd.
Brigus, under the agreement with Sandstorm, may purchase up to 6% of the goldstream through Jan. 1, 2013.
Principle payments of $2 million will be paid quarterly, beginning on June 30, according to a company news release.
Interest on the notes will range from 9% to 14%, based on the closing Bloomberg Composite New York Gold Price from the prior month.
Brigus said the notes are secured by a lien against its Black Fox Complex and Goldfields properties.
Casimir Capital Ltd. arranged the financing for a fee of 2.77%.
The gold mining company is based in Greenwood Village, Colo.
| Issuer: | Brigus Gold Corp.
|
| Issue: | Senior notes
|
| Amount: | $30 million
|
| Coupon: | Between 9% and 14%
|
| Maturity: | Three years
|
| Settlement date: | Nov. 1
|
| Distribution: | Private placement
|
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