The facility will become available after a certain conditions precedent are met, including Comet making a decision to mine at the Project
Comet Resources announce that is has executed binding documents with Raptor Capital International Limited (Raptor) for the provision of a streaming facility to provide a minimum of US$6m and up to US$20m in funding for development of the Santa Teresa High Grade Gold Project in Baja California, Mexico (Project).
The facility will become available after a certain conditions precedent are met, including Comet making a decision to mine at the Project. For full details of the streaming agreement please see Appendix 1 of this announcement. Security provided under the streaming agreement will only cover the Santa Teresa Project and associated assets and will not extend to any of the Company’s assets outside of Mexico.
Comet’s Managing Director, Matthew O’Kane, commented “Finalisation of the Streaming Agreement with Raptor provides Comet with non-dilutive capital for the development of a mining operation at Santa Teresa Gold Project. We are presently working toward upgrading the existing foreign resource estimate at the Project to a JORC compliant resource. Information gained from completing the JORC resource will also assist us in planning the initial exploration activities at the Project, including our first drilling program.”
Source: Company Press Release