This article is 6 years old. Images might not display.
The package comprises a $2 million in senior redeemable convertible note carrying a 9% coupon and which is repayable in 18 months; a $2 million senior gold loan repayable 18 months after closing; and a $21 million senior project loan facility repayable 48 months after closing.
Kerr also plans to raise $2 million in equity working capital.
The funding is structured in two phases, with the first tranche of $4 million to close by November 23 and a second tranche of $21 million to close by June 2019.
The Toronto-quoted stock traded unchanged Tuesday at C14c, at the low end of its 12-month range of 13-35c. The company has a market value of $35.81 million.
