Victoria Gold Corp., in its $505 million series of financing transactions with Osisko Gold Royalties, Orion Mine Finance and Caterpillar Financial Services Limited for construction of the Eagle Gold Project
|Date Announced:||March 08, 2018|
|Date Closed:||April 13, 2018|
|Client Name:||Victoria Gold Corp.|
Victoria Gold Corp. entered into a series of definitive financing agreements with Orion Mine Finance, Osisko Gold Royalties Ltd and Caterpillar Financial Services Limited with respect to a construction financing package totaling approximately $505 million in aggregate. The Financing is intended to fully fund the development of Victoria's Eagle Gold project through to commercial production.
The Financing consisted of: (i) a US$100 million secured subordinated credit facility provided by Orion; (ii) a US$75 million senior secured credit facility provided by Orion; (iii) private placement subscriptions of 150,000,000 common shares by Orion and 100,000,000 common shares by Osisko, respectively, at a price of $0.50 per share for aggregate gross proceeds of $125 million; (iv) the sale of a 5% NSR royalty on Victoria's Dublin Gulch property (subject to adjustment and certain exclusions) to Osisko for gross proceeds of $98 million; and (v) a US$50 million equipment finance facility provided by Caterpillar.
Bennett Jones acted for Victoria with a team led by James Clare and included Ali Naushahi, Christopher Doucet and Bronwynn Shaw.