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Transaction Reports Teranga Gold
Teranga Gold & Franco-Nevada in Stream Transaction Agreement
Teranga Gold Corporation and Franco- Nevada Corporation have announced that they have agreed to enter into a US$135 million
stream transaction that has
allowed Teranga to enter into definitive share purchase agreements with Bendon International Ltd. and Badr Investment & Finance Company to acquire the balance of the OJVG that it does not already own and to retire US$30 million of its US$60 million debt facility with Macquarie Bank Limited.
On completion of these transactions, the combination of Sabodala and the OJVG satellite deposits is expected to allow Teranga to reach its phase 1 growth objective of 250,000 to 350,000 ounces of gold production leveraging off of its existing mill and infrastructure. The combination also provides operating flexibility to sequence pits
and phases of pit development to maximize free cash flows. Overall, with the proximity of the OJVG pits to the Sabodala mill and the Company’s ability to optimize the ounces that are processed through the mill, the transaction is expected to provide for near, medium and long term growth in production and free cash flows.
“The acquisition of the OJVG is the most accretive and synergistic transaction that I have ever seen in all my years of developing and acquiring mining projects. The addition of the OJVG’s 1.45 million ounces of open pit mineral reserves to Teranga’s existing mineral reserves, will double our open pit reserve base, before we have even commenced any optimization work, and we expect to see significant value creation as we leverage off of our existing mill and infrastructure,” said Alan R. Hill , Executive Chairman, Teranga Gold.
streaming transaction with Teranga Gold
Legal advisor to Franco-Nevada:
Franco-Nevada in US$135 million
TerniEnergia TerniEnergia’s €25 million bond issuance
TerniEnergia, a company active in the renewable energy sectors, energy efficiency and waste management, listed on Star Segment of Borsa Italiana, has issued its first bond for an amount of Euro 25 million, bullet five years.
Stefano Neri, Chairman and CEO of TerniEnergia, commented: “With this operation, TerniEnergia proceed for the first time to the listing of bonds in the ExtraMOT PRO market managed by the Borsa Italiana, strengthening its visibility on the capital markets and demonstrating its ability to carry out business with a structured way. The company continues with its strategy of integration of the
financial structure, with the goal of creating the optimal conditions for the full development of the business plan “Discover the new green era 2014- 2016”. The fund raising will then be used to the full development of the company’s business and to support the industrial strategy that envisages a significant strengthening of international revenue growth, a steady operating margins and a rising generation of value for our shareholders”.
TerniEnergia availed Luca Vari, in its capacity of Managing Partner of JCI Capital Investment & Asset Management Limited as arranger of the operation and Raul Ricozzi, partner of the Law Firm Orrick as Legal Advisor.
TerniEnergia’s €25 million bond issuance
Sole lead manager:
Legal advisor to TerniEnergia: