Arrange A Us$100M Debt Facility Financing At Zgounder
AYA GOLD & SILVER ANNOUNCES US$100 MILLION PROJECT FINANCING FACILITY FOR ZGOUNDER SILVER MINE EXPANSION
Aya Gold & Silver Inc.'s subsidiary, Zgounder Millennium Silver Mining SA (ZMSM), has secured a $100-million (U.S.) debt financing package to support expansion of the Zgounder silver project. The European Bank for Reconstruction and Development (EBRD) has received final board approval to provide a senior debt facility of $92-million (U.S.), while the Climate Investment Funds, through its Clean Technology Fund (CTF), is providing an $8-million (U.S.) tranche, pari passu with the EBRD. Customary documentation is expected to be finalized in the coming weeks.
Highlights -- project finance facility
Key terms of the loan agreement include:
"We are thrilled to be partnering with the EBRD, who is highly committed to both Morocco and development of the Zgounder silver mine. The infrastructure buildout will serve as a regional catalyst, bringing additional investment, local jobs and procurement, and an array of social and environmental initiatives that benefit both the Kingdom of Morocco and its local communities," said Benoit La Salle, president and chief executive officer. "We have secured a financing package on terms that are competitive and protect the upside for all stakeholders, while adhering to and promoting the ESG priorities that are part of our founding values. The financing process has been a team effort and represents a key milestone for delivering our expansion plan on time and within budget."
About Aya Gold & Silver Inc.
Aya Gold & Silver is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.
The only Toronto Stock Exchange listed pure silver mining company, Aya operates the high-grade Zgounder silver mine and is exploring its properties along the prospective South-Atlas fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit gold project in Mauritania, which is being advanced to feasibility.