Gold Road Resources (ASX: GOR) has reached financial close of a $100 million revolving corporate facility and a $50 million working capital facility, together with a gold hedging arrangement with a financing syndicate. Financial close will allow Gold Road to draw down on the facilities when required, roll forward existing gold forward sale contracts and, if necessary, undertake further gold hedging.
Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) refers to its announcement dated 26 February 2018, in which Gold Road announced it had entered into a $100 million Revolving Corporate Facility, a $50 million Working Capital Facility and a Gold Hedging Arrangement (Finance Facilities) with a financing syndicate comprising ING Bank Australia, National Australia Bank and Société Générale Hong Kong.
Gold Road is pleased to confirm financial close of the Finance Facilities today, enabling Gold Road to:
- draw down on the Revolving Corporate and Working Capital facilities when required;
- roll forward the existing gold forward sale contracts (being 70,000 ounces at an average of $1,720 per ounce scheduled for delivery in June 2018) to match production over the first three years of production at the Gruyere Project; and
- if prudent, undertake further gold hedging