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Canada's Core Gold looks to raise up to US$16.3M

Core Gold Inc. signed a term sheet with Investa Bank SA to arrange a debt facility of up to US$15.0 million.

The Canadian miner said Dec. 1 that it will use the funds to expand its Portovelo plant in Ecuador to increase capacity to 2,000 tons per day from 750 tons per day and for general working capital.

Core Gold is also looking to restructure the current loans outstanding to Vertex Managed Value Portfolio and Vertex Enhanced Income Fund into the Investa facility. Previously known as Dynasty Metals & Mining, the company issued US$4 million in convertible notes to Vertex in June 2015.

The Investa facility carries 12% annual interest, payable quarterly.

In addition, the company intends to undertake a nonbrokered private placement of up to 4,333,334 units at 30 U.S. cents apiece to raise up to US$1.3 million.