Continental Gold announces US$175 million financing package

On March 15, 2019, Continental Gold Inc. ("Continental") announced that it obtained a US$175 million financing package consisting of (i) US$75 million of 5.00% unsecured convertible debentures issued to certain investors, including a US$50 million debenture from Newmont Mining Corporation, and (ii) a US$100 million subordinated secured 2.1% gold and 100% silver stream on the Buriticá Project from Triple Flag Mining Finance Bermuda Ltd. ("Triple Flag"). Under the terms of the streaming agreement, Triple Flag will make an upfront payment of US$100 million and ongoing payments of 10% and 5% of the spot price of gold and silver, respectively, with a full buyback option, on or before December 31, 2021, of the entire gold stream for US$80 million, less any gold stream net cash flows received as at the time of buyback.

Proceeds from the financing package will be used for general and working capital purposes and toward construction, commissioning and start-up of the Continental's Buriticá Project located in Antioquia, Colombia.

Further information can be found on Canada Newswire's website.

Triple Flag primarily targets precious metal streaming and royalty investments in the mining sector, with backing by Elliott Management Corporation, an experienced global investment firm with more than US$35 billion of assets under management.

Continental is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia.