Rio2 Announces Receipt of First Deposit of US$25 Million From Fenix Gold Stream
The Gold Stream is a component of the previously announced US$125 to US$135 Million financing package to fully fund the Fenix Gold Project to production.
- The Gold Stream is a component of the previously announced US$125 to US$135 Million financing package to fully fund the Fenix Gold Project to production.
- Under the Gold Stream, WPMI will purchase 6.0% of the gold production until 90,000 ounces of gold have been delivered, thereafter dropping to 4.0% of the gold production until 140,000 ounces of gold have been delivered, after which the Gold Stream will reduce to 3.5% of the gold production for the life of mine from the Fenix Gold Project.
- A second deposit of US$25,000,000 will be paid to Rio2 following the receipt of the EIA approval for the Fenix Gold Project, and subject to satisfaction of certain other customary conditions.
- Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy.