December 7, 2023
Cerrado Gold Inc. (TSXV:CERT, BUY, C$2.80 target, Timothy Lee) announced the appointment of Banco Santander S.A. (BME:SAN, Not Rated) as the Mandated Lead Arranger (MLA) for the potential UK Export Credit Agency (UKEF) backed financing of up to US$175M for its Monte Do Carmo project in Brazil, where a recent PFS outlined a nine-year operation with an after-tax NPV5% of US$410M (read note). The exact terms of the non-recourse project financing covering up to 70% of the estimated capex remain to be finalized. The conclusion of the project financing remains subject to the granting of construction permits, amongst other requirements. Once an FS for the project is completed, Cerrado plans to commence formal due diligence before a final binding offer and documentation. This follows the appointment of Toronto-Dominion Bank (TSX:TD, Not Rated) as the MLA for the Mont Sorcier Fe-V project in Quebec (read notable). Read more
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Cerrado Gold Inc. – TSXV:CERT – 1,2,7
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