(In US Dollars unless otherwise
stated)
TORONTO, Nov. 14, 2019 /CNW/ - Superior Gold Inc.
("Superior Gold" or the "Company") (TSXV:SGI) is pleased to
announce the closing of a senior secured A$15 million Gold Loan Facility ("Facility") with
Auramet International ("Auramet").
The Facility will be repaid by the delivery of 7,920 ounces over
an 18 month period commencing on January, 30, 2020 (440 ounces per
month). As part of the facility, the Company granted call options
to Auramet on 20,000 ounces, with strike prices at or above
A$2,275 per ounce between
July 2020 and December 2021. The proceeds from the Facililty
will be used for general working capital purposes.
Chris Bradbrook, President and
CEO of Superior Gold stated: "This Facility has significantly
enhanced our balance sheet and provided the financial flexibility
required to execute on our recently announced five year plan at the
Plutonic Gold underground mine. The Facility is short term in
nature and has allowed us to take advantage of near all time high
Australian gold prices without diluting shareholders. We remain
committed to our goal of establishing Superior Gold as a stable and
profitable gold producer capable of maintaining annual production
of at least 100,000 ounces of gold."
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100%
of the Plutonic Gold operations located in Western Australia. The Plutonic Gold
operations include the Plutonic underground gold mine and central
mill, the Hermes open pit projects and an interest in the Bryah
Basin joint venture. Superior Gold is focused on expanding
production at the Plutonic Gold operations and building an
intermediate gold producer with superior returns for
shareholders.
About Auramet
Auramet is a global precious metals merchant and advisory firm
that provides a full range of services to the mining industry,
including debt advisory, physical precious metals
transactions, revenue enhancement
strategies and financings. Based in San Juan, Puerto Rico Auramet has offices in
New York, Perth, London, Lima,
Johannesburg and Toronto.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology.
Forward looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
and statements regarding exploration results and exploration
plans.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Company's prospectus dated
February 15, 2017 filed on SEDAR at
www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information. Except as
required by law, the Company does not assume any obligation to
release publicly any revisions to forward-looking information
contained in this press release to reflect events or circumstances
after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
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SOURCE Superior Gold