West Red Lake Gold Mines has secured a significant credit facility from Nebari Natural Resources Credit Fund II LP to support the restart of the Madsen project.
On January 2, 2025, West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) announced that it has secured a CAD $55 million credit facility with Nebari Natural Resources Credit Fund II LP (Nebari). The January 2 press release included arcane financial terms like “fixed straight-line amortization”, “loan bonus warrants”, and “perfected first priority senior security interest”.
The January 3, 2024 “explainer” video below, Gwen Preston, VP of Communications at WRLG, cut through the technical jargon to reveal the PR’s major plot points. “Today West Red Lake Gold announced the close of the US$35-million credit facility with Nebari Natural Resources,” stated Preston. “We announced this as a term sheet in October and after several months of technical and legal review the company and Nebari now have a completed loan agreement in place – and the first US$15 million of that loan is in West Red Lake’s hands.” “It takes immense due diligence to complete a deal like this. Nebari had to understand our data and plans at Madsen almost as well as we do. the Madsen project held up against all that questioning, which is an endorsement:West Red Lake Gold well funded to put the Madsen mine back into production . We are already mining, on a small scale to build up some bulk samples and to get our crews operating accurately, efficiently, and safely.The cost of capital is reasonable and the terms are designed to support success, such as no capital repayment for 15 months and half of capital not repaid until a bullet payment at maturit
Finance Mining West Red Lake Gold Financing Credit Facility Madsen Project Mining
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