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Stock Market & Financial Investment News

News Breaks
November 21, 2012
15:02 EDTMDWMidway Gold resumes trading
News For MDW From The Last 14 Days
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October 15, 2014
08:32 EDTMDWMidway Gold names William Zisch as president and CEO
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October 7, 2014
08:04 EDTMDWMidway Gold places gold hedges as required under Pan Gold credit facility
Midway Gold Corp. announces that it has satisfied the gold hedging requirements under its project finance facility with Commonwealth Bank of Australia. Midway entered into commitments to deliver to CBA, at a flat forward price of $1,200/oz, 80,500 ounces of gold over a 23-month period commencing in May 2015. The hedging program provides price protection for the Company’s debt obligations and represents approximately 13% of estimated life-of-mine production from the Pan Gold Project. The project finance facility is comprised of two tranches: a project finance facility of $45M, plus a cost overrun facility of $10M. Advances under the project finance facility will bear interest at LIBOR plus 3.50% to 3.75%, and advances under the cost overrun facility will bear interest at the project finance facility rate plus 2.00%. The Company must satisfy additional customary conditions precedent to draw on the facility.

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