|By Marketwired .||
|September 4, 2014 05:00 PM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 09/04/14 -- Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX VENTURE:GG) is pleased to announce that it has met the conditions precedent set out in the previously announced US$5.0m loan facility and gold prepayment agreement with Samsung C&T U.K. Limited and, as a result, has drawn down the full US$5.0m. For additional details regarding the agreement with Samsung, please refer to the Company's press release dated August 25, 2014.
The Company has used the proceeds of the facility to repay early and in full the outstanding debt and accrued interest owed to IAMGOLD Corporation of US$2.73m. With the repayment of this debt, all related covenants at the parent company level of Galane Gold including those prohibiting the payment of dividends, share repurchases, and certain other corporate activities have been removed, allowing the Company significant additional flexibility in its pursuit of shareholder value creation. The balance of the proceeds of the facility will be used for general corporate and working capital purposes.
About Galane Gold
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange under the symbol GG. Galane Gold's management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Aug. 27, 2016 03:15 AM EDT Reads: 1,753
Aug. 27, 2016 02:30 AM EDT Reads: 1,995
Aug. 27, 2016 01:45 AM EDT Reads: 1,723
Aug. 27, 2016 01:30 AM EDT Reads: 2,074
Aug. 27, 2016 01:15 AM EDT Reads: 2,001
Aug. 27, 2016 12:45 AM EDT Reads: 2,929
Aug. 27, 2016 12:45 AM EDT Reads: 2,145
Aug. 27, 2016 12:15 AM EDT Reads: 2,275
Aug. 26, 2016 10:45 PM EDT Reads: 2,066
Aug. 26, 2016 10:00 PM EDT Reads: 1,853
Aug. 26, 2016 09:15 PM EDT Reads: 1,433
Aug. 26, 2016 07:15 PM EDT Reads: 431
Aug. 26, 2016 07:00 PM EDT Reads: 724
Aug. 26, 2016 07:00 PM EDT Reads: 665
Aug. 26, 2016 06:00 PM EDT Reads: 1,936