Yukon-Nevada Gold Corp. (YNG.TO) is up about 2% this morning at 48.5 cents a share after announcing a deal with the London branch of Deutsche Bank AG for a US$120 million prepaid gold forward facility.
The forward contract calls for Yukon-Nevada, through a subsidiary, to deliver 173,880 ounces of gold over a four-year span, starting with 1,000 ounces during the first six months and then 2,000 ounces monthly through the end of the first year, followed by 4,330 ounces per month over the remaining three years.
Yukon-Nevada plans to use cash received to repay noteholders from a financing last year led by Sprott Asset Management LP with any remaining funds set aside for capital projects at its Jerritt Canyon property in Nevada, including winterizing the processing facility and building a tailings storage facility .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
