A gold loan worth up to $10 million, has been arranged by Augmitto Explorations (TSE) with Rothschild Australia Ltd. The loan, which is available until March 31, 1989, remains subject to several conditions. The most important demands that Augmitto also complete an equity financing of $8 million by July 15. The repayment of principal will be in the form of bullion.
The loan will help finance a portion of the development costs required to place Augmitto’s gold property into production. Located south of Rouyn, Que., the property hosts 1.95 million tons of reserves grading 0.17 oz gold per ton.
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