RE:close"With the net proceeds of this offering, we will be fully funded to develop our Toroparu gold/copper project in Guyana and we will not need to go to market with any dilutive equity financings to carry out our strategy."
fully funded now!
does that mean wheaton is not needed? that would be the case if the updated pea lowers the initial capex to $300 mil.
this cheap financing is extremely fortunate for gcm. they got it before gold dropped. normally debt financing of a project requires a full bankable feasibility study which takes a lot longer than a pea and the funding comes after the fs is completed. fortunately gcm got the funding before fs based on segovia cashflow and B+ rating.
with us$300 mil extra cash available added to cash on hand, gcm has tremendous flexibility to weather any downturn in gold price. current $1700 gold price is still hugely profitable for gcm. looking forward to the large cash generation in the second half and start of construction of toro!