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Article: New Gold Announces $15 Million Prepayment of, and Amendment to the Mesquite Mine Term Loan Facility and Board Update.
- Article from:
- Mining & Minerals Business
- Article date:
- October 23, 2009
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New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) announces that it has agreed to amend the Mesquite mine term loan facility and make a prepayment of $15 million. The prepayment reduces the outstanding principal of the loan to $45.8 million, with scheduled repayment by June 30, 2012. As at June 30, 2009, New Gold had $141 million of cash. In addition, the company received gross proceeds of $107 million from an equity financing which closed on September 11, 2009. After the $15 million loan prepayment and a $3 million sweep payment, New Gold has $250 million of outstanding debt.
Randall Oliphant, Executive Chairman of New Gold stated, "The Mesquite loan allowed ...