Austral Gold Secures a US$3.5M Related Party Credit Facility
Austral Gold (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) has secured a US$3.5 million unsecured credit facility from its largest shareholder, Inversiones Financieras del Sur SA (IFISA). The facility, with a 9% annual interest rate, is due on January 29, 2026, and will provide working capital for Guanaco Compania Minera SPA, Austral's operating company. This arrangement demonstrates ongoing financial support from the major shareholder while the company awaits the repair of the HRC 800 equipment, as mentioned in the June 2024 Quarterly report. Notably, Austral's directors, Eduardo Elsztain and Saul Zang, are also directors and shareholders of IFISA.
Austral Gold (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) ha ottenuto una linea di credito non garantita di 3,5 milioni di dollari USA dal suo maggiore azionista, Inversiones Financieras del Sur SA (IFISA). La linea, con un tasso d'interesse annuo del 9%, scadrà il 29 gennaio 2026 e fornirà capitale operativo per Guanaco Compania Minera SPA, la società operativa di Austral. Questo accordo dimostra il continuo supporto finanziario da parte dell'azionista di maggioranza mentre l'azienda attende la riparazione dell'attrezzatura HRC 800, come menzionato nel rapporto trimestrale di giugno 2024. È interessante notare che i direttori di Austral, Eduardo Elsztain e Saul Zang, sono anche direttori e azionisti di IFISA.
Austral Gold (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) ha asegurado una línea de crédito no garantizada de 3.5 millones de dólares estadounidenses de su mayor accionista, Inversiones Financieras del Sur SA (IFISA). La línea, con una tasa de interés anual del 9%, vence el 29 de enero de 2026 y proporcionará capital de trabajo para Guanaco Compania Minera SPA, la empresa operativa de Austral. Este acuerdo demuestra el continuo apoyo financiero por parte del principal accionista mientras la empresa espera la reparación del equipo HRC 800, como se menciona en el informe trimestral de junio de 2024. Cabe destacar que los directores de Austral, Eduardo Elsztain y Saul Zang, también son directores y accionistas de IFISA.
오스트랄 골드 (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF)는 최대 주주인 Inversiones Financieras del Sur SA (IFISA)로부터 350만 달러의 무담보 신용 시설을 확보했습니다. 이 시설은 연 9%의 이자율을 가지고 있으며, 2026년 1월 29일 만기가 되며, 오스트랄의 운영 회사인 Guanaco Compania Minera SPA를 위한 운영 자본을 제공합니다. 이 조건은 회사가 2024년 6월 분기 보고서에서 언급한 HRC 800 장비 수리를 기다리는 동안 주요 주주로부터 지속적인 재정 지원을 보여줍니다. 특히, 오스트랄의 이사인 Eduardo Elsztain과 Saul Zang은 IFISA의 이사이자 주주이기도 합니다.
Austral Gold (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) a obtenu un prêt non garanti de 3,5 millions de dollars américains de son principal actionnaire, Inversiones Financieras del Sur SA (IFISA). Ce prêt, avec un taux d'intérêt annuel de 9%, est dû le 29 janvier 2026 et fournira du capital de travail pour Guanaco Compania Minera SPA, la société opérationnelle d'Austral. Cet arrangement démontre un soutien financier continu de la part de l'actionnaire majoritaire, tandis que l'entreprise attend la réparation de l'équipement HRC 800, comme mentionné dans le rapport trimestriel de juin 2024. Notamment, les directeurs d'Austral, Eduardo Elsztain et Saul Zang, sont également directeurs et actionnaires d'IFISA.
Austral Gold (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) hat eine unbesicherte Kreditlinie von 3,5 Millionen US-Dollar von seinem größten Aktionär, Inversiones Financieras del Sur SA (IFISA), gesichert. Die Linie hat einen jährlichen Zinssatz von 9% und läuft am 29. Januar 2026 aus und wird Betriebskapital für Guanaco Compania Minera SPA, das operative Unternehmen von Austral, bereitstellen. Diese Regelung zeigt die fortlaufende finanzielle Unterstützung des Hauptaktionärs, während das Unternehmen auf die Reparatur der HRC 800-Ausrüstung wartet, wie im Quartalsbericht vom Juni 2024 erwähnt. Bemerkenswert ist, dass die Direktoren von Austral, Eduardo Elsztain und Saul Zang, ebenfalls Direktoren und Anteilseigner von IFISA sind.
- Secured US$3.5 million credit facility for working capital
- Ongoing financial support from major shareholder
- Unsecured credit facility, indicating trust in the company
- 9% annual interest rate on the credit facility
- Related party transaction may raise governance concerns
- Need for additional working capital suggests potential cash flow issues
Sydney, Australia--(Newsfile Corp. - August 30, 2024) - Established gold producer Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) ("Austral" or the "Company") is pleased to announce that it has entered into an unsecured credit facility agreement with Inversiones Financieras del Sur SA ("IFISA") for up to US
IFISA is the Company's largest shareholder and the Company's directors, Eduardo Elsztain and Saul Zang, are also directors and shareholders of IFISA.
Material terms of the credit facility:
Credit Facility Amount: Up to US
$3.5 million ;Interest Rate:
9% per annum;Purpose: proceeds will be used to provide working capital for Guanaco Compania Minera SPA, the operating company of Austral;
Due date: 29 January 2026, or such other date as is previously and mutually agreed in writing between the parties;
Security: the credit facility is unsecured.
The transaction reflects the ongoing financial support from the Company's major shareholder while the Company's vendor completes the repair of the HRC 800 equipment, as announced in the June 2024 Quarterly report.
About Austral Gold
Austral Gold is a growing gold and silver mining producer building a portfolio of quality assets in the Americas based on three strategic pillars: production, exploration and equity investments. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.
For more information, please visit the Company's website at www.australgold.com.
Neither 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.
Release approved by the Company's Chief Executive Officer of Austral Gold, Stabro Kasaneva.
For additional information please contact:
David Hwang
Joint Company Secretary
Austral Gold Limited
david@confidantpartners.com
+61 433 292 290
Jose Bordogna
Chief Financial Officer and Joint Company Secretary
Austral Gold Limited
jose.bordogna@australgold.com
+61 466 892 307
Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include the use of proceeds from the credit facility and Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.
All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, uncertainty of exploration programs, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets especially in light of the effects of the novel coronavirus, uncertainty in the measurement of mineral resources and reserves and other risks and hazards related to the exploration of a mineral property, and the availability of capital. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Austral's forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221616
FAQ
What is the amount and purpose of the credit facility secured by Austral Gold (AGLDF) on August 30, 2024?
Who provided the credit facility to Austral Gold (AGLDF) and what is the interest rate?
When is the due date for Austral Gold's (AGLDF) new credit facility announced on August 30, 2024?
Is the US$3.5M credit facility secured by Austral Gold (AGLDF) on August 30, 2024 secured or unsecured?
