Brigus Gold Corp. (NYSE MKT: BRD; TSX: BRD)(“Brigus” or the “Company”) has completed the previously announced $30 million bought deal debt financing (the “financing”). The financing was arranged by Casimir Capital for a finance structure fee of 2.77 percent. The $30 million in senior secured debt notes are secured by a lien against the Company's Black Fox Complex and the Goldfields properties with a three year term. Principle payments of $2 million will be paid quarterly, commencing on June 30, 2013. The Notes will bear interest at an annual rate as calculated below, which shall be paid monthly based on the closing Bloomberg Composite New York Gold Price from the prior month.
Bloomberg Composite New York Gold Price (US$/oz)
Annual Interest Rate
From $0 to $1,799.99
From $1,800 to $1,999.99
From $2,000 to $2,499.99
From $2,500 and above
The Company will use $24.4 million of the debt proceeds to repurchase 4 percent of the existing 12 percent goldstream with Sandstorm Gold Ltd. (“Sandstorm”). Under the agreement with Sandstorm, the Company may repurchase up to 6 percent of the goldstream until January 1, 2013. Brigus will make a decision on the remaining 2 percent prior to the end of the year.