Edgewater negotiates C$120 million loans via Credit Suisse, Barclays

By Susanna Moon

Chicago, June 18 - Edgewater Exploration Ltd. said it received preliminary approval for up to C$120 million of loans to develop the Corcoesto gold project in Galicia Spain.

The lenders are Credit Suisse AG and Barclays Bank plc.

The maturity will be up to seven years and interest will be based on Libor, according to a company press release.

"This is a major milestone for Edgewater to be able to arrange a very substantial portion of the estimated C$160 million capital financing needed for the Corcoesto gold project," George Salamis, president and chief executive officer, said in the release.

Edgewater explores for precious metals and is based in Vancouver, B.C.

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