G Mining Ventures draws $80 million from credit facility

G Mining Ventures Corp. (TSX: GMIN) completed its first drawdown of $80 million from a $350 million revolving credit facility announced in October, according to a company statement.

The mining company used the proceeds to repay in full an outstanding $80 million senior secured term loan previously provided by Franco-Nevada GLW Holdings Corp.

The refinancing will generate annual interest savings of approximately $1.5 million at current effective rates, the company said. Julie Lafleur, Vice President, Finance & Chief Financial Officer, said the move represents "another step in optimizing our capital structure and improving capital efficiency."

The $350 million revolving credit facility was arranged with a syndicate of international lenders and has a four-year term with a potential one-year extension at the company's option. The facility is secured by the corporation's assets on standard market terms.

G Mining Ventures operates the Tocantinzinho Mine in Brazil and is developing the Oko West Project in Guyana, for which the credit facility was established to support construction and development activities.

The company also trades on the OTCQX under the symbol GMINF.

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