Bluestone Resources Inc. (TSXV:BSR) has extended the term of its US$30M loan with Zebra Holdings and Investments S.à.r.l, and Lorito Holdings S.à.r.l that was due to expire March 11, 2023.
The Loan will provide for the drawdown of funds by the company in tranches of not less than US$1M Proceeds will be primarily used for general corporate purposes and to advance the Cerro Blanco gold project through permit amendment approval.
“We are pleased to have the continued support from the Lundin Family as we advance the Cerro Blanco project. With less than US$10M drawn to date, the extension of the loan provides Bluestone with the necessary funds to work through the permitting amendment process which is expected to be completed this year,” President and CEO, Peter Hemstead, said.
In consideration for the Loan, the company will issue 4,000 common shares per month (pro-rated for partial months) for each US$1M of the principal amount outstanding under the Loan from time to time up to March 11, 2024.
About Bluestone Resources
Bluestone Resources is a Canadian-based precious metals exploration and development company focused on opportunities in Guatemala. The company’s flagship asset is the Cerro Blanco Gold Project, a near surface mine development project located in Southern Guatemala in the department of Jutiapa.
The company released the results of a Feasibility Study for the Project, outlining an asset capable of producing over 300koz/yr at head grades of +2.0g/t gold. The Project will produce 2.6Moz of gold over the life of mine at an all-in sustaining cost of $629/oz (as defined per World Gold Council guidelines, less corporate general and administration costs) over an initial 14-year mine life.
For further information please visit: http://www.bluestoneresources.ca/
