Empress Royalty Corp. has announced a significant acquisition of a gold stream from the Tongon Gold Mine in Côte d’Ivoire and secured a $75 million credit facility to support the investment.
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Highlights
- Empress Royalty’s subsidiary has entered into an agreement to acquire a gold stream from Tongon Gold Mine for $62 million.
- The company secured a $75 million senior secured credit facility from Appian Empire Loanco Ltd., with an initial draw of $55 million.
- The stream entitles Empress to receive 3.58% of payable gold production until 400,000 ounces are delivered, then 2.93% until 600,000 ounces, and 0.81% thereafter.
- Empress aims to enhance its gold ounces, revenue, and cash flow from the established Tongon mine.
- Closing of the transaction is subject to customary conditions, including regulatory approvals and due diligence.
The Tongon Gold Mine, operated by Atlantic Group, is a well-established open-pit operation in northern Côte d’Ivoire, with a history of producing over 3 million ounces of gold. The acquisition aligns with Empress’s strategy to expand its portfolio of precious-metal streams and royalties.
The $75 million credit facility will provide Empress with the financial capacity to complete the acquisition while preserving liquidity. It also offers additional capital for future royalty and stream opportunities.
Readers can download the full press release from the Empress Royalty website for more detailed information on the transaction and its implications.
