SyCipLaw advises Red 5 Limited and Greenstone Resources Corporation on US$8 million secured facility
October 29, 2012
SyCip Salazar Hernandez & Gatmaitan (“SyCipLaw”) acted as Philippine counsel to Red 5 Limited (ASX: RED) and Greenstone Resources Corporation in connection with an US$8 million senior secured facility obtained from Sprott Resource Lending Partnership.
The single drawdown facility is non-revolving and may be repaid at any time within the next year without incurring early payment penalties. The proceeds of the loan will be used for the Siana gold project in Surigao, Philippines. The project’s first gold poured on February 3, 2012, while commercial production (defined as 60% of the initial nameplate capacity of 750,000 tonnes per annum) was declared on April 16, 2012.
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