Maya Gold & Silver Obtains a USD 6M Pre-Export Finance Facility From Scipion Capital for the Zgounder Silver Mine
30 Enero 2014 - 11:47AM
Marketwired
Maya Gold & Silver Obtains a USD 6M Pre-Export Finance Facility
From Scipion Capital for the Zgounder Silver Mine
BLAINVILLE, QUEBEC--(Marketwired - Jan 30, 2014) - Maya Gold
& Silver Inc. ("Maya" or the "Corporation") (TSX-VENTURE:MYA)
is pleased to announce that it has entered into a facility
agreement with a fund managed by Scipion Capital Ltd. for a finance
facility in a principal amount of USD6.0 million, of which USD3.5
million is immediately available. The initial facility is a 12
month loan maturing on January 31, 2015 with interest at 12%, and
is repayable in 9 consecutive monthly instalments beginning on May
31, 2014 from the cash generated by the operations of Maya's
Zgounder Silver Mine. Maya and Scipion have also agreed that the
loan may be increased by a second USD2.5 million tranche, for an
additional 12 month term, for an aggregate facility of USD6.0
million.
The proceeds of the first tranche of the loan will be used
exclusively for the re-commissioning of the Zgounder Silver Mine,
in Morocco. Maya will complete the purchase of chemicals,
underground equipment and geo-membrane for the extension of
tailings capacity, in order to be able to reach the projected
production of 85,000 ounces of silver per month as soon as
possible.
The proceeds of the second tranche of the loan will be used for
optimization of underground operation and milling facilities in
order to reduce production costs, lower cut-off grade and increase
capacity.
Surface production has started with transport of 35,000 tons of
ore from previously mined stockpiles. Underground production is
expected to increase to a minimum of 250 tons per day upon receipt
of specific machinery. Maya expects that the monthly 85,000 ounce
production will be increased and costs reduced by the second
tranche investment.
Pursuant to the facility agreement, Maya has granted Scipion an
option to convert a portion of any amounts due under the facility
into a maximum of 1,500,000 common shares of Maya, at a price of
CAD 0.35 per share, during the term of the facility.
Nicolas Clavel, CIO of Scipion Capital, commented:
"We are delighted to be partnering with Maya, an emerging
silver producer with rapid growth expansion in Morocco. The credit
facility provided by Scipion will allow the mine to significantly
increase its production. Africa's natural resources are a crucial
part of its economic health. This partnership is a ideal
demonstration of how access to credit can help local miners and
producers capitalize on that."
About SCIPION CAPITAL
Scipion Capital is an investment manager specializing in
self-liquidating short-term Commodity Trade Finance (CTF).
Scipion's senior team cumulatively has over 125 years of experience
in banking and investing in frontier markets, particularly
Africa.
Scipion provides secured lending via short-term self-liquidating
loans to finance the delivery, production, and/or processing of
non-perishable commodities as export, import, or intra Africa. The
firm is able to employ a low risk strategy that allows it to
deliver consistent returns to investors. Physical control of the
goods being financed is secured via a Pledge Agreement.
Scipion Capital (UK) Limited is authorized and regulated by the
Financial Conduct Authority.
For more information on Scipion Capital, visit
http://scipion-capital.com/
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining
corporation focused on the exploration and development of gold and
silver deposits in Morocco. The Corporation's shares trade on the
TSX Venture Exchange under the symbol "MYA".
For further information on Maya visit
www.mayagoldsilver.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.
Forward-looking statements
This release may contain forward-looking statements including
management's assessments of future plans and operations, and
expectations of future production. These statements are based on
current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Maya Gold & Silver Inc.Guy GouletChief Executive
Officer450-435-0700 ext. 204ggoulet@mayagoldsilver.com
Maya Gold & Silver Inc. (TSXV:MYA)
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