Thor Explorations Ltd signs $78 million financing package with AFC for construction of Segilola Gold Project
Mineral exploration company Thor Explorations Ltd. has received investment committee approval from and executed an agreed term sheet with the Africa Finance Corporation for a $78 million financing package for the construction and ramp-up of its 100 per cent owned Segilola Gold Project in Nigeria.
This follows the completion of the Project Definitive Feasibility Study announced on 4th February 2019.
The financing is subject to mutually satisfactory documentation, AFC Board approval, completion of due diligence and other customary conditions precedent which are expected to be completed in May 2019.
For the company to be fully funded to production, including financing costs, cost overrun capacity, general corporate purposes and other exploration activities during the construction period, the Company will also be seeking to raise an additional of US$18m from debt or equity sources.
Segun Lawson, President & CEO of Thor Explorations Ltd, stated: “This is an extremely significant milestone for Thor and for the mining sector of Nigeria. Our DFS demonstrated the robustness of the Segilola Gold Project and now we are pleased and looking forward to partnering with AFC as both a lender and a long term shareholder of Thor. Our vision for the Segilola Project is aligned and we look forward to successfully implementing this landmark project in Nigeria”
