Financing for the construction of the Castle Mountain heap leach gold mine in San Bernardino Cty., Calif., is near at hand for Viceroy Resources (TSE). The company secured a credit facility with N.M. Rothschild & Sons for up to US$35 million. Full terms of the facility have not been released although Ross Fitzpatrick, president of Viceroy, said the terms were favorable and included an option to convert to a gold loan at any time during the mine’s construction period.
Viceroy also filed preliminary prospectuses with the Ontario, Alberta and British Columbia securities commissions for a common share issue.
Fitzpatrick said the issue has not been priced yet, but will total a minimum of US$15 million, which should cover the balance of the US$50 million capital cost of the project.
The share issue is expected to be completed in February with construction scheduled to finish before year-end.
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