(MENAFN- ProactiveInvestors) Gold producer () has raised $10 million by entering into a secured Gold Prepay Facility with the of Australia ().
Silver Lake shares should trade higher as the raising has meant no equity dilution to shareholders.
The funds will be used for working capital.
Under the Facility Silver Lake will deliver a total of 7056.31 ounces of gold to CBA between January 2015 and July 2016 at 392.02 ounces per month.
The Facility is secured by way of mining mortgages over the Daisy Milano and Randalls mill tenements and a general security interest over all assets of Silver Lake and its wholly owned subsidiary Silver Lake (Integra) Pty Ltd.
In addition to the Facility Silver Lake has also forward sold 32943.68 ounces of gold for delivery at 4117.96 ounces per month between May to December 2015 at an average price of A$1485.96 per ounce.
Silver Lake is an ASX 200 gold producing and exploration company with stated FY2015 group production guidance of 125000 to 135000 ounces of gold.
The core asset is the Mount Monger Operations a high margin operation located 50 kilometres southeast of Kalgoorlie in the Eastern Goldfields district of Western Australia.
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