Skyline restructures its bank debt

Former gold producer Skyline Gold (TSE) released details of an agreement to settle $2.6 million of debt to the Royal Bank of Canada.

The company will make an immediate payment of $739,500 to the bank, using funds from a recent private placement by a company controlled by Skyline President Ron Shon. The placement is for 321,500 shares at $2.30 per share. Skyline will also issue 360,783 shares with a current market value of $850,500 to the bank. As well, the company arranged to defer payment of about $1 million to be repaid in two years as cash benefits are realized from operations.

Skyline owns the Johnny Mountain gold mine in British Columbia’s Iskut River region, and hopes to bring the former producer back into production.

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