SEMAFO Draws on Incremental $60 Million Credit Facility and Receives Mining Convention for the Boungou Mine
20 Juni 2017 - 2:55PM
Montreal, Quebec,
June 20, 2017 - SEMAFO Inc. (TSX, OMX: SMF) announces that it
has drawn down the incremental $60 million of the credit facility
with Macquarie Bank Limited for a total drawdown of $120 million.
The recent visits to the Mana and Boungou Mine sites by Macquarie
Bank Limited were key conditions for drawing down the incremental
$60 million. The credit facility is repayable in eight equal
quarterly installments of $15 million, starting March 31,
2019. Accessing the additional funds allows SEMAFO to maintain a
high level of financial flexibility.
In addition, the Corporation
announces receipt of the mining convention for the future Boungou
Mine (Natougou Gold Project) from the Council of Ministers of the
Government of Burkina Faso, which follows receipt of the mining
permit in December 2016. Its fiscal and legal terms, which are
based on the 2015 Burkina Faso Mining Code, were previously
disclosed in the Natougou Technical Report NI 43-101 dated March
28, 2016 and filed on SEDAR. The convention is valid for the
seven-year mine life of the initial mineral reserves at Natougou
and can be renewed for additional periods of five years.
About
SEMAFO
SEMAFO is a Canadian-based mining
company with gold production and exploration activities in West
Africa. The Corporation operates the Mana Mine in Burkina Faso,
which includes the high-grade satellite deposit of Siou, and is
targeting production start-up of the Boungou Mine in the second
half of 2018. SEMAFO's strategic focus is to maximize shareholder
value by effectively managing its existing assets as well as
pursuing organic and strategic growth opportunities.
CAUTION
CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and assumptions and accordingly, actual results and
future events could differ materially from those expressed or
implied in such statements. You are hence cautioned not to place
undue reliance on forward-looking statements. Forward-looking
statements include words or expressions such as "maintain",
"pursuing", "growth", "opportunities" and other similar words or
expressions. Factors that could cause future results or events to
differ materially from current expectations expressed or implied by
the forward-looking statements include the ability to maintain a
high level of financial flexibility, the ability to execute on our
strategic focus, fluctuation in the price of currencies, gold or
operating costs, mining industry risks, uncertainty as to
calculation of mineral reserves and resources, delays, political
and social stability in Africa (including our ability to maintain
or renew licenses and permits) and other risks described in
SEMAFO's documents filed with Canadian securities regulatory
authorities. You can find further information with respect to these
and other risks in SEMAFO's 2016 Annual MD&A as updated in
SEMAFO's 2017 First Quarter MD&A, and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com. These documents are also available on our
website at www.semafo.com. SEMAFO disclaims any obligation to
update or revise these forward-looking statements, except as
required by applicable law.
The information in this release is
subject to the disclosure requirements of SEMAFO under the
Swedish Securities Market Act and/or the
Swedish Financial Instruments Trading Act.
This information was publicly communicated on June 20, 2017 at 7.00
a.m., Eastern Daylight Time.
For more information, contact
SEMAFO
Robert LaVallière
Vice-President, Corporate Affairs & Investor
Relations
Cell: +1 (514) 240 2780
Email: Robert.Lavalliere@semafo.com
Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com
Caution concerning Forward Looking
Statements
Cautionary note to US readers concerning estimates of mineral
resources (M&I and Inferred)
Note for the IFRS-non GAP Measures
Definition of the all-in-sustaining costs
Note for the Swedish Securities Market Act
For more information contact:
In appendix:
Cash flow table, capex, mining plan- follow example of
Siou
Full reserves and resources table with appropriate accompanied
notes
Plant layout
Press Release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: SEMAFO Inc. via Globenewswire
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