{"id":633460,"date":"2023-01-11T12:08:01","date_gmt":"2023-01-11T12:08:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=633460"},"modified":"2023-01-11T12:08:01","modified_gmt":"2023-01-11T12:08:01","slug":"lunding-gold-secures-us300-million-funding-for-fruta-del-norte-gold-project","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/lunding-gold-secures-us300-million-funding-for-fruta-del-norte-gold-project_633460.html","title":{"rendered":"Lunding Gold Secures US$300 Million Funding For Fruta Del Norte Gold Project"},"content":{"rendered":"
\"Lunding<\/a><\/div>\n

Lunding Gold Inc. (“Lunding Gold” or the “Company”) (TSX:LUND)(OMX:LUND) is pleased to announce that it has received commitments from TFG Lending Ltd. (the “Lenders”) for a senior secured project finance facility (the “Facility”) of $300 million to fund the development and construction of its Fruta del Norte gold project in Ecuador (“Fruta del Norte” or the “Project”). All amounts in this release are in U.S. dollars unless otherwise indicated.<\/p>\n

“Together with the project financing package from TFG Lending and Redstone Tactical Opportunities, this Facility further reflects a strong endorsement of the Project and confidence in the Lunding Gold team,” said Ron Hochstein, President, and CEO of Lunding Gold. “We look forward to working with this supportive group of lenders as we continue to develop Fruta del Norte. The Project remains on schedule and on a budget to achieve first gold production by the end of 2024.”<\/p>\n

The Facility will include two tranches: Tranche A of $100 million, to be guaranteed by an export credit agency (“ECA”) satisfactory to the Lenders, and Tranche B of $200 million. The term of the Facility will be eight and a half years. There are no mandatory requirements for gold hedging associated with the Facility.<\/p>\n

The Facility is subject to the completion of definitive documentation, which will include customary project finance terms, fees, and conditions, a comprehensive inter-creditor agreement and completion of ongoing due diligence.<\/p>\n

The Company is being advised on debt financing by Ameritrust Financial. Cromwell Law LLP is acting as legal counsel to the Company with support from the Lexim Abogados law firm in Ecuador.<\/p>\n

About Lunding Gold <\/strong><\/p>\n

Lunding Gold, headquartered in Vancouver, Canada, is developing its wholly-owned Fruta del Norte gold project in southeast Ecuador. Fruta del Norte is one of the largest, highest-grade gold projects currently under construction. The board of directors and management team of the company is committed to seeing this project through to the first gold production in 2024 and has vast experience in mine development and operations.<\/p>\n

The Company conducts business in a transparent manner and in accordance with global best standards. Lunding Gold is dedicated to creating value to its shareholders while also encouraging a healthy and safe workplace, fostering economic and social benefits to impacted communities, and reducing the environmental effect. According to the company, the value produced by the development of Fruta del Norte will be advantageous to its owners, the government, and the Ecuadorian people.<\/p>\n

Additional Information<\/strong><\/p>\n

The information in this release is subject to the disclosure requirements of Lunding Gold under the EU Market Abuse Regulation and the Swedish Securities Markets Act. This information was publicly communicated at 5:00 am Pacific Time on January 10, 2023 <\/em><\/p>\n

Media Contact<\/span>
Company Name:<\/strong> TFG Lending<\/a>
Contact Person:<\/strong> Andr\u00e9 Gralpois
Email:<\/strong> Send Email<\/a>
Phone:<\/strong> 306-567-5829
Country:<\/strong> Canada
Website:<\/strong> www.tfglending.com<\/a><\/p>\n

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Lunding Gold Inc. (“Lunding Gold” or the “Company”) (TSX:LUND)(OMX:LUND) is pleased to announce that it has received commitments from TFG Lending Ltd. (the “Lenders”) for a senior secured project finance facility (the “Facility”) of $300 million to fund the development … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[401,425,426,419,412],"tags":[],"class_list":["post-633460","post","type-post","status-publish","format-standard","hentry","category-Business","category-Finance","category-Financial-Market","category-Media-Communications","category-News-Current-Affairs"],"_links":{"self":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/633460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/comments?post=633460"}],"version-history":[{"count":0,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/633460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/media?parent=633460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/categories?post=633460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/tags?post=633460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}