NEVADA FIRE CREEK PROJECT NEARS BULK SAMPLING

Fire Creek expected to begin Bulk Sampling Program by end of 2013

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Message: Klondex Boost Credit Facilities, Expects Higher Cash Flow On Loan Repayment, Pre-Sale Agreement Expiry

Klondex Boost Credit Facilities, Expects Higher Cash Flow On Loan Repayment, Pre-Sale Agreement Expiry

posted on Feb 22, 2018 07:04PM
2018-02-22 04:38:01 PM ET (MT Newswires)
   
   

04:38 PM EST, 02/22/2018 (MT Newswires) -- Klondex Mines (KDX.TO) said after market close Thursday it has added $10 million to its credit facilities as it paid off a 38,250 ounce gold loan to Franco-Nevada a year early.

The company, which has four mining projects in Manitoba and Nevada, said it added $5 million to a revolving credit facility, raising it to $40 million, as well as a $5 million working capital tranche.

Klondex said it used the revolving facility in the fourth quarter to purchase 8,000 ounces of gold for $1,269 per ounce as the last payment for the Franco-Nevada loan. With the loan settled, it expects higher cash flow in 2018 as well as improved working capital.

An agreement for Waterton to acquire gold output from Klondex's Fire Creek mine in Nevada expires at month end, which, the company said, will boost future cash flow since the output was sold at a discount to market prices.

Klondex shares fell $0.09 to a 52-week low of $1.18 Thursday on the Toronto Stock Exchange.

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