$Patagonia Gold Corp. (“Patagonia” or the “Company”) ($HGLD)(TSXV: PGDC) is pleased to announce it has entered into an agreement with Cantomi Capital Ltd. (“Cantomi”) to increase the maximum aggregate amount of the Cantomi Loan (as defined below) to US$40 million and to extend its maturity.
The original loan facility, which Cantomi provided in February 2019 for US$15 million, and with a maturity date of December 31, 2025, was subsequently amended and further increased to US$40 million with a maturity date of December 31, 2026 (as amended, the “Cantomi Loan”). The agreement amending the Cantomi Loan provides that the maximum aggregate amount of the Cantomi Loan is increased to US$40 million. The funds from the increased Cantomi Loan will be utilised primarily to make down payments for long lead items for the development of the Calcatreu project until financing is secured and in addition for general working capital purposes.
Other than the amendment to increase the maximum amount of the Cantomi Loan and its maturity date, all other terms of the Cantomi Loan remain unchanged.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused, publicly traded, mining company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 430 properties in several provinces of Argentina and is one of the largest landholders in the province of Santa Cruz, Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer Patagonia Gold Corp T: +54 11 5278 6950 E: cvantienhoven@patagoniagold.com
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