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Vector nets US$35M funding commitment for Adidi-Kanga gold mine

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Vector nets US$35M funding commitment for Adidi-Kanga gold mine

Vector Resources Ltd. said it secured a commitment from Dubai, United Arab Emirates-based FT General Trading LLC for a US$35 million committed debt facility in three tranches.

The company said Oct.17 that it will use the funds for payments relating to the acquisition of the Adidi-Kanga gold mine in the Democratic Republic of the Congo, to complete a definitive feasibility study and for potential future development.

The debt facility will have an interest rate of 7% per annum payable on a quarterly basis. The facility is in addition to a US$20 million funding commitment the company secured in September.