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Kin Mining settles US$5M credit facility for Leonora development

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Kin Mining settles US$5M credit facility for Leonora development

Kin Mining NL has US$1 million remaining in its senior secured credit facility with Sprott Private Resource Lending (Collector) LP after repaying the rest.

The company drew down US$5 million in December 2017, of which it previously repaid US$2 million in August, a further US$1.3 million in November, and has now paid an additional US$700,000.

Following this payment, all credit facility contracts and the majority of secured positions have been removed until the company makes further draw downs, according to the Dec. 24 release.

However, the 1.5% net smelter royalty on the first 100,000 ounces of gold produced from the Leonora gold project in Western Australia remains in place.

The company added that repaying the facility in tranches allowed it to progress additional drilling and metallurgical work programs at the Helens and Lewis deposits, undertake the water exploration and production bore drilling programs at Bummer Creek and Cardinia Creek, and advance project approvals to restart the construction phase of Leonora.

Moreover, Sprott has expressed a desire to remain involved in the project and has agreed to leave the credit facility structure in place while Kin completes the work programs.