MONTREAL, Oct. 25,
2022 /CNW Telbec/ - Aya
Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF)
("Aya" or the "Corporation") is pleased to report that its
subsidiary, Zgounder Millennium Silver Mining SA ("ZMSM") has
secured a US$100 million debt
financing package to support expansion of the Zgounder Silver
Project. The European Bank for Reconstruction and Development
("EBRD") has received final board approval to provide a Senior Debt
Facility of US$92 million, while the
Climate Investment Funds, through its Clean Technology Fund
("CTF"), is providing a US$8 million
tranche, pari-passu with the EBRD. Customary documentation is
expected to be finalized in the coming weeks.
Highlights – Project Finance
Facility
Key terms of the loan agreement include:
- US$92 million loan provided by
the EBRD
- US$8 million loan provided by the
CTF, pari-passu with the EBRD loan
- CTF interest rate reduction following achievement of three ESG
and operational milestones:
-
- Milestone 1: Task Force on Climate-related Financial
Disclosures ("TCFD") report disclosed by end of 2023
- Milestone 2: Investment completion by end of 2024
- Milestone 3: Reaching "advanced" maturity on the TCFD Climate
Governance and Strategy recommendation
- 6-year maturity
-
- 2-year principal grace period
- 24-month availability period
"We are thrilled to be partnering with the EBRD, who is highly
committed to both Morocco and
development of the Zgounder Silver Mine. The infrastructure
build-out will serve as a regional catalyst, bringing additional
investment, local jobs and procurement, and an array of social and
environmental initiatives that benefit both the Kingdom of
Morocco and its local
communities," said Benoit La Salle,
President & CEO. "We have secured a financing package on terms
that are competitive and protect the upside for all stakeholders,
while adhering to and promoting the ESG priorities that are part of
our founding values. The financing process has been a team effort
and represents a key milestone for delivering our expansion plan on
time and within budget."
About Aya
Gold & Silver Inc.
Aya Gold & Silver Inc. is a
rapidly growing, Canada-based
silver producer with operations in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the
high-grade Zgounder Silver Mine and is exploring its properties
along the prospective South-Atlas Fault, several of which have
hosted past-producing mines and historical resources. Aya's
Moroccan mining assets are complemented by its Tijirit Gold Project
in Mauritania, which is being
advanced to feasibility.
Aya's management team has been focused on maximising shareholder
value by anchoring sustainability at the heart of its operations,
governance, and financial growth plans.
For additional information, please visit Aya's website at
www.ayagoldsilver.com.
Forward-Looking Statements
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"), which reflects
management's expectations regarding Aya's future growth and
business prospects (including the timing and development of new
deposits and the success of exploration activities) and other
opportunities. Wherever possible, words such as "plans", "expects",
"does not expect", "deliver", "plan", "scheduled", "secured",
"trends", "indications", "potential", "estimates", "predicts",
"anticipate", "to establish", "does not anticipate", "believe",
"intend", "ability to" and similar expressions or statements that
certain actions, events or results "may", "could", "would",
"might", "will", or are "likely" to be taken, occur or be achieved,
have been used to identify such forward-looking information.
Specific forward-looking statements in this press release include,
but are not limited to, statements and information with respect to
the exploration and development potential of Zgounder and the
conversion of Inferred Mineral Resources into Measured and
Indicated Mineral Resources, future opportunities for enhancing
development at Zgounder, and timing for the release of the
Company's disclosure in connection with the foregoing. Although the
forward-looking information contained in this press release reflect
management's current beliefs based upon information currently
available to management and based upon what management believes to
be reasonable assumptions, Aya cannot be certain that actual
results will be consistent with such forward-looking information.
Such forward-looking statements are based upon assumptions,
opinions and analysis made by management in light of its
experience, current conditions, and its expectations of future
developments that management believe to be reasonable and relevant
but that may prove to be incorrect. These assumptions include,
among other things, the closing and timing of financing, the
ability to obtain any requisite governmental approvals, the
presence of artisanal miners, obtaining regulatory permits for on
site work, importing goods and machinery and employment permits,
the accuracy of Mineral Reserve and Mineral Resource Estimates
(including, but not limited to, ore tonnage and ore grade
estimates), the price of silver, the price of gold, exchange rates,
fuel and energy costs, future economic conditions, anticipated
future estimates of free cash flow, and courses of action. Aya
cautions you not to place undue reliance upon any such
forward-looking statements.
The risks and uncertainties that may affect forward-looking
statements include, among others: the inherent risks involved in
exploration and development of mineral properties, including
government approvals and permitting, changes in economic
conditions, changes in the worldwide price of silver gold and other
key inputs, changes in mine plans (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics) and other factors, such as project execution
delays, many of which are beyond the control of Aya, as well as
other risks and uncertainties which are more fully described in
Aya's 2021 Annual Information Form dated June 16, 2022, and in other filings of Aya with
securities and regulatory authorities which are available on SEDAR
at www.sedar.com. Aya does not undertake any obligation to update
forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Aya securities. All
references to Aya include its subsidiaries unless the context
requires otherwise.
SOURCE Aya Gold & Silver
Inc