G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) announced it has completed the first scheduled drawdown of US$80 million under its previously announced US$350 million revolving credit facility.
The funds will support the development and construction of the company’s 100%-owned Oko Gold Project in Guyana, the company said.
The proceeds from the drawdown were used to fully repay an outstanding senior secured term loan totaling US$80 million that had been provided by Franco-Nevada GLW Holdings Corp.
According to G Mining Ventures, the refinancing is expected to generate annual interest savings of about US$1.5 million, strengthening its balance sheet and supporting continued growth initiatives.
“Executing this refinancing marks another step in optimizing our capital structure and improving capital efficiency," G Mining’s CFO Julie Lafleur said in a statement.
“By lowering our cost of debt, we're realizing meaningful savings while maintaining the financial strength to support Tocantinzinho's operations and the advancement of Oko West. These results reflect the disciplined financial management that underpins GMIN's strategy and ongoing value creation for shareholders."
The US$350 million revolving credit facility, arranged with a syndicate of international lenders, has a four-year term with a potential one-year extension at G Mining’s option.
It is secured by the corporation’s assets on standard market terms and is designed to enhance liquidity and financial flexibility across its development portfolio.