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Share Price: 65.00

Bid: 63.00

Ask: 65.00

Change: 1.50 (2.36%)

Spread: 2.00 (3.175%)

Open: 63.50

High: 65.00

Low: 65.00

Prev. Close: 63.50

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Serabi Gold secures convertible loan facility

Thu, 31st Dec 2015 08:47

(ShareCast News) - Serabi Gold said major shareholder Fratelli Investments Limited has agreed to provide it with an interim unsecured short-term working capital convertible loan facility of $5m (£3.4m). The Brazil-focused gold mining and development company said the loan is for a period expiring on 31 January 2017 and the facility may be drawn-down in up to three separate instalments of an initial $2m and two further instalments of $1.5m each.The loan is unsecured and subordinated to the company's existing loan facilities, including the secured loan facility arrangement provided by the Sprott Resource Lending Partnership, the outstanding balance of which amounted to $4m as at 22 December.Chief executive officer Mike Hodgson said: "Serabi is a high grade gold producer, targeting to achieve lower than average all-in sustaining costs per ounce, and this is critical, faced as we are, with the recent weakness in the gold price."Hodgson said the group was facing strong economic headwinds at a time when it has continuing commitments to increase throughput through the process plant as well as development expenditure to bring the Sao Chico Mine into full production."This has restricted the company's ability to build up its cash reserves. To ensure we can remain on track with our expansion and development plans, this convertible loan facility...gives the company the ability to complete its current development programmes by the early part of the second quarter of 2016 and thus achieve optimal gold production rates as quickly as possible."Serabi does not expect it will be necessary to draw down the full extent of the convertible loan facility.At 0854 GMT, shares were up 3.6% at 2.72p.

More News

12 Feb 2019 09:10

Serabi Gold employee dies after accident at Brazilian mine

(Sharecast News) - Mining outfit Serabi Gold revealed that an employee at its Palito gold mine in Brazil had died following an accident at the site.

30 Jan 2019 10:30

Serabi Gold upbeat on outcome of recent drilling

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced on Wednesday that exploration drilling conducted on its wholly-owned Coringa gold project returned multiple high-grade gold intersections on the Serra, Meio and Galena ore zones of the deposit.

17 Jan 2019 09:48

Serabi Gold ends year on high with record quarterly production

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold released the results and a review of its fourth quarter operational and exploration activities in the Tapajos region of Para State in northern Brazil on Thursday, reporting fourth quarter gold production of 10,256 ounces of gold.

28 Nov 2018 15:53

Serabi Gold excited by survey results at Sao Chico

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced the completion of a terrestrial induced polarisation (IP) geophysical survey on Wednesday, covering the strike extent of the Sao Chico structural corridor, with a number of "significant" chargeability anomalies identified.

30 Oct 2018 09:20

Serabi Gold makes good progress in northern Brazil

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold updated the market on its operational and exploration activities from its Palito Complex in the Tapajos region of Para State in northern Brazil on Tuesday, reporting third quarter production of 8,101 ounces of gold, with production for the year to date totalling 26,852 ounces.

20 Sep 2018 10:51

Serabi Gold appoints Roney Almeida to new COO position

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced the appointment of Roney Almeida to the newly-established position of chief operating officer on Thursday.

23 Jul 2018 15:04

Serabi Gold pleased with second quarter progress

(Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold reported gold production of 9,563 ounces for the second quarter of 2018 at its Palito Complex high grade gold operation in the Tapajos region of Para State, Northern Brazil on Monday.

20 Jun 2018 10:21

Serabi Gold Reports Fatal Accident At Sao Chico Mine In Brazil

LONDON (Alliance News) - Serabi Gold PLC on Wednesday reported a fatality at its Sao Chico Mine in Brazil in a mining-related accident.The gold exploration company said the fatality the of

23 Jan 2017 08:55

Serabi Gold Beats 2016 Production Guidance Despite Dip In 4th Quarter

14 Nov 2016 12:36

Serabi Gold third quarter revenue almost doubles

(ShareCast News) - Brazil-focused gold mining and development company Serabi Gold reported record gold production for the third quarter of 2016, and cash costs of production for the year to date of $772 per ounce on Monday. The AIM and TSX traded firm reported revenue of $16.21m for the three months

17 Oct 2016 12:27

Serabi Gold reaches record Q3 production at Brazil mines

(ShareCast News) - AIM-listed miner Serabi Gold reached record production for the third quarter at its two Brazil mines. The Palito and Sao Chico gold mines in Para State, northern Brazil reported a record quarterly gold production of 10,233 ounces for the third quarter, up from 9,896 ounces in the

12 Aug 2016 08:19

Serabi Increases Profit On Higher Production, Prices And Lower Costs

18 Jul 2016 09:06

Serabi Gold Keeps Guidance As Palito, Sao Chico Production Edges Up

16 Jun 2016 11:43

Serabi Gold 'well on track' to full-year targets

(ShareCast News) - Brazil-focused gold mining and development company Serabi Gold held it annual general meeting on Thursday morning, with CEO Mike Hodgson telling investors that production for the second quarter at the Palito and Sao Chico mines was following the positive trends set in the first qu

16 Jun 2016 11:20

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