BMC (UK) Limited (“BMC” or the “Company”), the private UK-based resources development company, announces the closing of a US$38 million debt facility which will be used to progress exploration and development of the Company’s flagship operation, the Kudz Ze Kayah (“KZK”) Project, in Yukon, Canada.
The arrangement with RK Mine Finance (“Red Kite”) marks a significant milestone for the Company and the capital will be used in conjunction BMC’s existing committed equity funding from Private Equity Group, Global Natural Resource Investments (“GNRI”) to continue to develop KZK beyond the commencement of construction.
BMC’s CEO, Scott Donaldson said, “The combination of the undrawn equity and debt available to BMC now exceeds US$100 million. This additional facility underpins the future development activities for the Company and our flagship Kudz Ze Kayah Project. It is a testament to the quality of the project that Red Kite are willing to provide a debt facility at this stage of the project development.”
“Our focus over the next 12 months will be to complete the definitive feasibility study currently underway for KZK’s ABM deposit and to progress the project through the re-permitting process. Concurrently, we will be working to further explore and understand the geological prospectivity of the minerals claims we already own. In accordance with our strategy to grow the Company through acquisition and development of projects, we will also consider further project acquisition opportunities that meet the high hurdle expectations put in place by the Board.”
Full announcement: 2018_02_01_BMCUK_Completes major debt facility