August 29, 2018 |
Canada's Red Eagle Mining has commenced a restructuring to help it repay debt and fund working capital at the Santa Rosa gold project in the Colombia's department of Antioquia.
Red Eagle said it will retire its $60m credit facility with Orion Mine Finance and Liberty Metals & Mining Holdings and settle for $28m cash and $15m in equity.
Annibale, owners of 9.5% of Red Eagle Mining, will backstop a $38m private placement in gross proceeds.
The mining firm said it will also write off all accrue
Proceeds from the company revisions will go towards its Santa Rosa gold project