Patagonia Gold Announces Increase to Loan Facility
26 Juli 2024 - 11:00PM
Patagonia Gold Corp. (“Patagonia” or the
“Company”) (TSXV: PGDC) announces it has entered into an agreement
with Cantomi Uruguay S.A. (“Cantomi”) to increase the maximum
aggregate amount of the Cantomi Loan (as defined below). The
original loan facility, which Cantomi provided in February 2019 for
US$15 million was subsequently amended and further increased to
US$33 million with a maturity date of December 31, 2025 (as
amended, the “Cantomi Loan”). The agreement amending the Cantomi
Loan provides that the maximum aggregate amount of the Cantomi Loan
is increased to US$35 million. The funds from the increased Cantomi
Loan will be used to refinance existing lines of credit to reduce
interest costs and for general working capital purposes. Other than
the amendment to increase the maximum amount of the Cantomi Loan,
all other terms of the Cantomi Loan remain unchanged.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused,
publicly traded, mining company listed on the TSX Venture Exchange.
The Company seeks to grow shareholder value through exploration and
development of gold and silver projects in the Patagonia region of
Argentina. The Company is primarily focused on the Calcatreu
project in Rio Negro and the development of the Cap-Oeste
underground project. Patagonia, indirectly through its subsidiaries
or under option agreements, has mineral rights to over 430
properties in several provinces of Argentina and is one of the
largest landholders in the province of Santa Cruz, Argentina.
For more information, please
contact:
Christopher van Tienhoven, Chief Executive
OfficerPatagonia Gold CorpT: +54 11 5278 6950E:
cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements with respect to the use of the funds from the increase
of the Cantomi Loan, advancement and development of gold and silver
projects in the Patagonia region of Argentina and the anticipated
growth in shareholder value. Wherever possible, words such as
“may”, “will”, “should”, “could”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” or
the negative or other variations of these words, or similar words
or phrases, have been used to identify these forward-looking
statements. These statements reflect management’s current beliefs
and are based on information currently available to management as
at the date hereof.
Forward-looking statements involve significant
risk, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management believes to be
reasonable assumptions, the Company cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward- looking statements are made as of the
date of this news release, and the Company assumes no obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
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.
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