- Cerrado Gold (OTCQX:CRDOF) Monday announced the receipt of the second advance of $1 million under the signing loan entered into with Amarillo Mineração do Brasil, a wholly-owned subsidiary of Hochschild Mining, whereby Cerrado has granted to Amarillo the option to purchase a 100% interest in the Monte Do Carmo project for $60 million.
- A total of $15 million is expected to be advanced by way of a 10% interest-bearing secured loan, of which $8 million has now been advanced.
- “The second advance under the Signing Loan demonstrates the good progress that Cerrado and Hochschild are making to complete the Proposed Transaction, and this cash infusion, along with the strong production rates over the last two months and strong gold prices will further assist in our continued debt reduction activities at MDN,” Mark Brennan, CEO and Chairman said.
- Source: Press Release
