The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Astur Gold Closes C$10 Million Loan Facility With RMB Resources

Thursday, June 06, 2013

Astur Gold Closes C$10 Million Loan Facility With RMB Resources

08:00 EDT Thursday, June 06, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2013) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") is pleased to announce that it has closed the previously announced C$10 million loan facility ("Facility") for its wholly owned subsidiary, Exploraciones Mineras del Cantábrico ("EMC") with RMB Resources Limited ("RMB"), the resource financing division of the FirstRand Group of South Africa. The Facility will be used to fund the completion of a Definitive Feasibility Study ("DFS") on the Salave Gold Project, fund initial mine development, and to provide for general corporate working capital purposes.

"Given the challenging commodity and equity markets, we are pleased to close this this financing with RMB and forge ahead with development of the Salave Gold Project. The Facility reflects RMB's confidence in our management team, gold fundamentals, and our production plans going forward," stated Astur Gold President & CEO Cary Pinkowski.

Loan Facility Terms:

  • 3 year term, priced at LIBOR plus 6.0% per annum;
  • Issuance of 5 million warrants, which will entitle RMB to purchase common shares of Astur Gold for 36 months at an exercise price of $0.62;
  • RMB's security package includes a first ranking charge over the Salave Gold Project and a pledge of the securities of EMC;
  • The Facility is subject to customary convents, conditions, and events of defaults.

With funding now in place, Astur Gold has commenced its associated studies for the DFS. The Company is also in the process of engaging key personnel and intends to issue a technical update in the coming weeks.


RMB Resources is the resource financing division of the FirstRand Group, which is one of South Africa's largest financial institutions. RMB specializes in providing equity- and debt-financing solutions for small to mid-tier resource companies globally. RMB Resources provides debt funding through conventional project financing, commodity pre-paid forward financing as well as senior, subordinated, standby, and bridge financing. Staffed with experienced mining executives, RMB Resources operates from its offices in Sydney, Melbourne, London, Denver, and New York.


Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant, water discharge, and tailings licenses. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.


Cary Pinkowski, Chief Executive Officer, President and Director

Mineral resources that are not mineral reserves do not have demonstrated economic viability. This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:
Astur Gold Corp.
Vadim Dubchak
#300-1055 West Hastings Street, Vancouver, B.C., V6E 2E9

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections