Global law firm Norton Rose Fulbright is pleased to have advised Emerald Resources NL, a Perth-based gold explorer and developer, on the private equity-funded US$60 million Okvau Project Debt Facility provided by Sprott Private Resource Lending (Sprott).
Closing this financing is a significant milestone for Emerald Resources and the development of its 100 per cent owned Okvau Gold Project, which has been a major focus for the company since 2016. The project is located approximately 275km north-east of Cambodia’s capital city of Phnom Penh and covers a combined area of 1,456 square kilometres.
The availability of the staged drawdown of the US$60 million Okvau Project Debt Facility has been scheduled to meet the project development timeline milestones, with the first US$10M available immediately.
In addition to the above and as a further measure of support, Sprott has subscribed for US$3.5 million of Emerald shares.
The Okvau Project Debt Facility has also provided access to a US$100 million Acquisition and Development Facility provided by Sprott to fund future development and acquisition opportunities announced on 26 June 2019.
Norton Rose Fulbright’s banking and finance partner Alen Pazin and his team, assisted by lead lawyer Kellie Hayman and supported by partner Adam Edelman, advised extensively on all legal due diligence and finance documentation necessary to meet financial close.
Alen Pazin commented: “We are proud to have advised Emerald Resources on closing their project financing for the Okvau Project. Certainly this is a first for us, and also the mining sector generally, being the first ever project financing of a mining project of any sort in Cambodia. It is especially positive to see Emerald Resources strengthening its financial position and the future of its flagship project during the current macro-economic volatility that we are seeing across the globe.”
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