Azincourt Energy

GoviEx Uranium: Madaouela Project Receives Expressions of Interest from Project Lenders

Vancouver, British Columbia--(Newsfile Corp. - September 27, 2017) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx" or the "Company") is pleased to announce that, further to its news release dated September 12, 2016, announcing the appointment of Medea Capital Partners Ltd as Project Debt Advisor, expressions of interest have now been received from Export Credit Agencies and project finance banks (collectively, the "Lenders") to arrange US$220 million of senior debt financing for the construction of the Madaouela Uranium Project in Niger (the "Madaouela Project").

Govind Friedland commented, "The level of interest shown by the Export Credit Agencies and the banks to provide financing accretes confidence in the Madaouela Project. We will now proceed to the detailed due diligence phase with the various groups, while at the same time moving forward on the other parts of our four-stage strategy."

The board of directors of GoviEx (the "Board") is reviewing the expressions of interest received and will seek to enter into discussions with the Lenders, in order to determine the appointment of Mandated Lead Arrangers to execute the project debt financing of the Madaouela Project.

Key conditions from potential Lenders include, as is standard for project debt financing, the following:

  • Release of Bankable Feasibility Study for the Madaouela Project, following GoviEx's continued optimization work;

  • Long-term off-take contracts in place from creditworthy nuclear utility counterparties (as announced February 15, 2017, Houlihan Lokey EMEA, LLP was appointed as a financial advisor for this purpose); and

  • Export Credit Agency insurance cover being in place, based on the nationality of either the off-take and/or procurement counterparties.

The expressions of interest remain subject to final due diligence, credit committee and Board approvals, and negotiation of final loan documentation.

About GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of a diversified portfolio of uranium projects in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship and mine-permitted Madaouela Project in Niger, as well as its mine-permitted Mutanga Project in Zambia, and its uranium-copper-silver exploration Falea Project in Mali.


Sign Up To Receive All Morning
News To Your Email Inbox

Kincora Copper

Kincora Copper

Kincora Copper has recently assembled an exceptional Tier 1 copper porphyry team and consolidated the dominant land position in the emerging gold rich Southern Gobi copper belt. The Company’s 800 km2 district-scale portfolio is along strike and in between two large scale porphyry projects - Oyu Tolgoi, Rio Tinto's largest global expansion project, and Tsagaan Suvarga. Kincora has a multi-stage, multi-target exploration strategy, including drilling two targets... LEARN MORE

No Internet Connection