Golden Phoenix Transitions Bridge Loan into Gold Stream Debt Facility

Golden Phoenix Minerals (OTCBB: GPXM) has amended its existing senior secured bridge loan with Waterton Global Value, L.P. such that the Bridge Loan has been transitioned into a more permanent senior secured gold stream credit agreement amongst the parties.

Under the Gold Stream Facility, Waterton will make up to US$15,500,000 available to the Company in five separate tranches. That portion of the Commitment Amount borrowed will be payable by the Company to Waterton in monthly payments commencing in March 2012 for a period between two and eighteen months depending on the amount borrowed.  The Company is pleased to announce that it plans to use the proceeds of the Gold Stream Facility to acquire, maintain, develop and advance its interest in the Santa Rosa Gold Project, located in Cañazas, Panama, further to its press release of September 19, 2011, as a part of a broader plan to develop a mine plan and to bring the Santa Rosa gold mine into commercial production.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: