In addition, the company’s current senior lender has extended its remaining $4m loan until 30 June 2015.
Proceeds of the $11m loan will be used to retire outstanding amounts under Nevada Gold’s existing indebtedness, of which $4m was due 12 May 2012 and $5m was due 23 July 2012.
The company said it will also retire $2m of the $6m current senior debt that was due 30 June 2013.
The Wells Fargo loan is due three years from the closing date, which was 7 October 2011.
Nevada Gold CEO Robert Sturges said the new financing is approximately the same rate as the company’s previous blended rate and also gives the company significant additional financial flexibility.
