Dynacor Group Secures $20M Gold Prepayment Facility for Ecuador Expansion

Dow Jones11-03 21:51

Dynacor Group entered into an unsecured $20 million gold purchase and prepayment facility with precious metals merchant Auramet International to finance working capital needs for its expansion in Ecuador.

The Montreal-based gold processor said Tuesday the revolving proceeds will primarily fund ore inventory for its Svetlana plant in Ecuador, which is in the final stages of refurbishment.

Under the agreement, Dynacor said the gold produced by any of its subsidiaries can be sold through spot, forward or prepayment arrangements. Dynacor can receive prepayments for specified amounts of London Good Delivery gold bullion before delivering the gold, up to a maximum of $20 million.

The facility has a two-year term is extendable by mutual agreement between the two parties.

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