GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) is pleased to announce that it has extended its existing loan facility with the Bank of Montreal for an additional year to October 27, 2023.
The Company has elected to reduce the overall size of the Facility from US$20 million to US$10 million in order to reduce the carrying costs on unused amounts. Currently, there is only US$7 million drawn on the Facility, which reflects a previously disclosed US$3 million repayment made by the Company to provide greater capital flexibility.
The Facility bears interest at a rate equal to the 3-month USD Adjusted Term Secured Overnight Financing Rate (SOFR) plus 5.65% per annum. The Facility, including additional advances, is subject to customary conditions and margin terms.
As of October 27, 2022, GoldMining has approximately C$78.4M in cash and marketable securities, including 21,178,659 shares of Gold Royalty Corp. and 5,925,925 shares of NevGold Corp.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia, and Peru. The Company also owns more than 21 million shares of Gold Royalty Corp.