Pretium Resources announces US$540 million construction financing
On September 15, 2015, Pretium Resources Inc. (Pretivm) announced a US$540 million construction financing package with the Orion Mine Finance Group (Orion) and Blackstone Tactical Opportunities (Blackstone). The financing, which provides for immediate access to US$340 million at closing, will fund a substantial portion of the costs to develop an underground mine at Pretivm's Brucejack Project.
The financing is comprised of a credit facility for US$350 million, a US$150 million prepayment under a gold and silver stream agreement and a private placement of Pretivm common shares for US$40 million.
The financing is expected to close on or about September 18, 2015.
Pretivm is constructing a high-grade underground mine at its Brucejack Project in northern British Columbia with commercial production targeted for 2017.
Orion is a mining-focused investment business with approximately US$1.86 billion under management (as of March 31, 2015) specializing in providing flexible capital investment solutions to junior mining companies in the base and precious metals sector.
Further information can be found on Pretivm's website.