G Mining draws remaining C$33 million on senior secured term loan

By Marisa Wong

Los Angeles, April 23 – G Mining Ventures Corp. said it has drawn the remaining roughly C$33 million on its C$75 million senior secured term loan with an affiliate of Franco-Nevada Corp. as previously announced in July 2022.

Proceeds of the term loan will be used to continue the development and construction of the company’s 100% owned Tocantinzinho Gold Project currently under construction in Para, Brazil, according to a press release. The project remains on track and on budget for commercial production in the second half of 2024.

In connection with the draw on the term loan, the company 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 about C$42 million announced on Jan. 30.

G Mining is a Brossard, Quebec-based mining company engaged in the acquisition, exploration and development of precious metal projects.

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