Sage Extends Maturity Date of Pre-Production Debt Facility; Shares Rise 17%
Sage Gold (SGX.V) has extended the maturity date, from August 13, 2013 to February 10, 2014, of a $1.5 million pre-production debt financing with Waterton Global Value L.P. Fees related to the aforementioned extension, equal 8% of the principal amount advanced under the facility. All other terms of the facility remain unchanged. Additionally, the company has drawn down the second and final tranche of the financing, in the amount of $500,000.
Sage recently announced a Preliminary Economic Assessment for the Clavos Gold deposit in Timmins, Ontario highlighted by a pre-tax $23 million Net Present Value and 71% Internal Rate of Return. Initial production subject to production financing is scheduled for Q4 2013.
SGX shares gained half-a-cent to $0.035 on volume of 490,000.
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