African Gold Mine Lands $120M In Novel Stream Financing

Law360, New York (August 12, 2014, 6:29 PM EDT) -- True Gold Mining Inc. has secured up to $120 million in financing from Franco-Nevada Corp. and Sandstorm Gold Inc. for construction of a gold mine in Burkina Faso, in the first so-called streaming deal involving multiple lenders in the gold sector, the trio of Canadian companies announced Monday.

Per the terms of the deal, True Gold is receiving $100 million from the companies in exchange for delivery of 100,000 ounces of gold over the coming five years and 6.5 percent of the production at so-called Karma Project, the Burkina Faso mine, after that period. True Gold has the option to increase...

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