Adventus Mining advanced $9 million under financing arrangements via Altius, Trafigura

By Wendy Van Sickle

Columbus, Ohio, July 20 – Adventus Mining Corp. said it has been advanced $9 million under debt-related financing arrangements with Altius Minerals Corp. and Trafigura Pte Ltd.

With the closing of these advances, the company believes it has sufficient capital to complete its corporate objectives to the end of 2023, according to a news release.

Altius has advanced $4 million to the company under an unsecured convertible loan agreement. Interest will accrue at a rate of 10% per annum until the earlier of Dec. 31 and the date on which there is an event of default and at a rate of 15% per annum thereafter.

Proceeds are to be used for the El Domo-Curipamba project and related expenditures, including permitting and pre-construction activities, and related general and administrative expenses.

The capital injection secures financial strength for a crucial period with material milestones expected to transform the project from the exploration stage to one of a limited number of new greenfield copper-gold mines globally. Approximately $84 million had been spent on the project to date, and $240.5 million of project financing has been arranged for future construction, according to the company.

Trafigura has advanced $5 million to the company under the first tranche under its existing $45 million credit facility. The remaining $40 million will remain available to Adventus Mining under additional tranches.

Adventus Mining is an Ecuador-focused copper-gold exploration and development company.

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