Published on February 27, 2020
We are pleased to announce today a funding agreement for US$35 million to see the Stibnite Gold Project through the final stages of permitting and a successful Record of Decision.
The US$35 million financing comes through an agreement with our current investor, Paulson & Co., to purchase a minimum of US$25 million in convertible notes and an agreement with BMO Capital Markets and Sprott Capital Partners to broker private placements of notes or shares up to US$10 million for a total of US$35 million. Paulson & Co. will take up any amount not subscribed for in the brokered private placement to achieve an overall total of US$35 million
While our permitting process has been extended a number of times, driving costs higher, we remain ever grateful to have the continued support of our investors. Whether it is a commitment like that made today by Paulson & Co. or the investments made by thousands of others who purchase shares on the retail market, each investor recognizes the significant economic and environmental opportunity presented by the Stibnite Gold Project.
This project offers a unique proposition where redevelopment of a heavily impacted brownfields mine site for a high-grade multi-billion dollar project will provide more than 500 long-term, well-paid jobs in rural Idaho and a long term supply of the critical mineral antimony, while funding the clean-up of decades of environmental impacts from decades of mining by prior owners and the restoration of the site.
Paulson & Co., founded in 1994, is an American investment firm focused on capital preservation, above average returns over the long-term and low correlation to the markets.
You can find the full news release here.
