Victoria Gold appoints BNP Paribas to arrange $220 million facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 24 – Victoria Gold Corp. appointed BNP Paribas as mandated lead arranger to arrange up to $220 million of senior, secured project debt for its Eagle Gold Project in Yukon, Canada, according to a press release.

The facility is expected to have a six-year tenor, Libor-based interest, a cash sweep and customary covenants.

The facility is subject to successful syndication, including satisfactory due diligence, sufficient capital being raised to fully fund the project, including cost over-run support, credit committee approvals, hedging and other conditions, the company said.

Commitment and closing are expected to take place in the second quarter of 2017.

“This facility is expected to be the foundation of the financing package that will fund the Eagle Project through construction and into production,” John McConnell, president and chief executive officer of Victoria, said in the release.

“This is the first important milestone in what promises to be a very busy and exciting 2017 at Victoria. We look forward to continuing to work with BNP Paribas toward commitment and closing.”

Victoria Gold is a gold exploration company based in Toronto.

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