Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Golden Arrow Resources shares boosted after US$10mln SSR Mining credit line

The loan is purely for meeting Golden Arrow's funding requirements for its Puna operations
Golden Arrow Resources shares boosted after US$10mln SSR Mining credit line
The operation is in Argentina

Shares in Golden Arrow Resources Corp (CVE:GRG) ticked higher Thursday as it revealed it had secured  a credit line for up to US$10mln from SSR Mining Inc.

The funding is purely for meeting Golden Arrow's funding requirements for its Puna operations joint venture in Jujuy, Argentina. Puna Operations Inc is the joint venture, which was formed to combine Golden Arrow's Chinchillas project with SSR's producing Pirquitas operation.

First ore delivery to Pirquitas mill  has been earmarked for the second half of 2018. Puna will produce lead, silver and zinc concentrates, eventually reaching planned life of mine annual average production of 8.4mln ounces of silver equivalent.

The non-revolving loan matures on the date which is the earlier of -  24 months after first delivery of ore to the Pirquitas mill or December 31, 2020.

The loan will bear interest at a rate per year equal to the US base rate plus 10%.

"We are very grateful to SSR Mining for granting a line of credit for up to $10-million (U.S.), which is strictly confined to meeting Golden Arrow's funding requirements for the Puna Operations joint venture in Jujuy," said Joseph Grosso, president and chief executive at Golden Arrow.

 "With the project continuing to progress on budget, we expect this funding to ensure the Chinchillas integration with the Pirquitas mill while minimizing dilution to Golden Arrow's shareholders."

Golden Arrow shares gained 4.26% in Toronto to C$0.49 each.

View full GRG profile View Profile

Golden Arrow Resources Corp. Timeline

Related Articles

Archer hopes to disrupt current technology for quantum computing
Archer collaborated with the University of New South Wales to show Campoona graphite can be used in a commercially scalable lithium-ion battery.
December 07 2017
King's Bay's drill core is already attracting significant interest, with assays due next month
maps of Australia with company projects marked
April 17 2018
Samples from the Mt Read Cobalt Project graded up to 7,800 ppm cobalt.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use