Aventus Mining reports first drawdown of $45 million facility

By William Gullotti

Buffalo, N.Y., July 14 – Adventus Mining Corp. delivered its first drawdown notice for $5 million under its $45 million senior debt facility provided by Trafigura Pte Ltd., according to a press release on Friday.

The five-year facility, signed in August 2022 as part of an offtake financing agreement, has a special condition that will make the drawdown become payable on June 30, 2024 if the facility has no additional drawdowns by that date.

An arrangement fee equal to 2% of the total amount available under the facility will be added to the principal amount drawn. Additionally, a 2% availability fee is payable quarterly on the amounts that have not been drawn at any time until Feb. 1, 2025.

According to the press release, the funding is expected to be completed on or around July 19 with funds used for pre-construction expenditures of the company’s El Domo project.

Facility borrowings bear interest at SOFR plus an 800 basis point margin and a 10 bps CAS, subject to a floor of 0.5%.

Adventus Mining is an Ecuador-focused copper-gold exploration and development company.

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