Atlantic Gold, through its wholly owned subsidiary D.D.V. Gold Ltd., executed a definitive master lease agreement with Caterpillar Financial. The agreement is in respect to the previously announced $20 million mining fleet equipment lease facility to fund the acquisition of Cat mining equipment, which will be supplied by Atlantic Tractors & Equipment for the Atlantic Gold’s Moose River Consolidated Project (“MRC Project”) in Nova Scotia.
The terms of the equipment facility are substantially the same as previously disclosed in February. The equipment facility will be utilized towards the acquisition cost of the primary mining fleet and ancillary equipment. Deliveries of the mining fleet are expected to commence arriving at site in mid-2016 and be completed in late 2017. The term of the equipment facility will be five years from delivery and will be secured by the mining fleet. Title to the mining fleet will transfer to Atlantic Gold at the completion of the facility.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!