Wesdome Gold Mines upsizes revolver with National Bank

Chicago, Aug. 31 – Wesdome Gold Mines Ltd. upsized its senior secured revolving credit facility led by National Bank Financial Inc. to C$80 million, according to a press release.

The facility can be further expanded to C$150 million upon declaration of commercial production at Kiena, a recently restarted mine in Quebec.

The facility also features more favorable covenants, lowers the margin of borrowing, and extends the term to Aug. 25, 2025 from March 29, 2024.

Interest will be between SOFR plus 275 basis points and 375 bps. The actual spread will be based on the company’s net leverage ratio.

The facility is also available for letters of credit and will be used for general corporate purposes and working capital purposes.

The credit facility is secured by all of the company’s present and future real and personal property.

Wesdome is a Canadian-focused gold producer with two high-grade underground assets.

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