G Mining Ventures secures credit facility, equipment financing for Oko West project

G Mining Ventures (GMIN), Canadian-based gold mining company has acquired financing totalling some US$537.5 million to enable it to develop its Oko West project in Region Seven.

The company announced in a release on October 6th  out of Quebec, that it has secured commitments for an initial US$387.5 million financing package, with the potential to be increased by an additional US$150 million beginning six months after closing, subject to lender approval. This financing package, which could total up to US$537.5 million provides the company with the financial flexibility to advance the development and construction of its 100 per cent-owned Oko West gold project in Guyana.

It explained that the financing package is anchored by an agreement with a syndicate of financial institutions for a revolving credit facility that allows GMIN to borrow up to US$350 million, with an accordion feature for an additional US$150 million available post-closing, subject to customary conditions. The lending syndicate is led by National Bank Capital Markets and Macquarie Bank Limited as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital LLC, Royal Bank of Canada, Citibank and CIBC.