G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) announced that it has drawn down the remaining $33 million of its $75 million senior secured loan with an affiliate of Franco-Nevada Corporation (TSX:FNV).
The mining company said the funds will be used to continue the development and construction of its 100% owned Tocantinzinho (TZ) gold project located in the State of Pará, Brazil, which is on track and budget to start commercial production in the second half of the year.
It added that in connection with the draw down on the term loan, the company provided evidence to Franco-Nevada that it had enough funding to meet the remaining project costs and achieve commercial production and project completion.
"As our supportive financial partner, Franco-Nevada is satisfied that we have met the conditions to access this funding,” G Mining Ventures CEO Louis-Pierre Gignac said in a statement.
“I hope this gives comfort to our shareholders that TZ construction is nearing the finish line, and remains on track and on budget for commercial production in H2 2024."