|
| Home : Gryphon Gold Announces $1,500,000 Bridge Loan Facility, as the First Stage of Its Proposed $15,000,000 Financing Package With Waterton Global |
|
Mar 21
2012 |
Gryphon Gold Announces $1,500,000 Bridge Loan Facility, as the First Stage of Its Proposed $15,000,000 Financing Package With Waterton Global |
|
CARSON CITY, NEVADA--(Marketwire - March 20, 2012) - Gryphon Gold Corp. (TSX:GGN)(OTCBB:GYPH), a gold exploration, production and development company focused on its Borealis project in Nevada, announced today that it had entered into a $1.5 million Bridge Loan Agreement (the "Bridge Loan") with Waterton Global Value, L.P. Gryphon Gold will draw down on the bridge loan to fund its working capital and fund the operations of the Borealis property. The Bridge Loan bears interest at 15% p.a. and is secured by a first charge on the assets of Gryphon Gold and its subsidiary, Borealis Mining Company. The Bridge Loan is repayable on the earlier of May 19, 2012 and the completion of a senior secured credit facility with Waterton Global Value, L.P. Gryphon Gold has entered into a non binding letter of intent with Waterton Global Value, L.P. in respect of a $15 million senior secured gold stream credit facility (the "Senior Facility"). Completion of the Senior Facility is subject to, among other things, documentation and due diligence. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1634086&sourceType=3 |
| |
|
Related News
|
» China Triumph International Engineering Co. (CTIEC), Signs $20M Financing Agreement for Project Pipeline Execution for Solar Energy Company Salamon Group, Inc.-SLMU OTC:QB
» Hailey Dunn Mystery: Remains Found in Texas
|
|
|
