Mr. Erfan Kazemi reports
SANDSTORM GOLD LTD.: SANDSTORM GOLD ROYALTIES INCREASES CREDIT FACILITY TO US$225 MILLION
Sandstorm Gold Ltd. has amended its revolving credit agreement, allowing the company to borrow up to $225-million (U.S.) for general corporate purposes, including acquisitions, share buybacks and dividends.
The amounts drawn on the revolving loan are subject to interest at London interbank offered rate plus 2.00 per cent to 3.00 per cent per annum, and the undrawn portion of the revolving loan is subject to a standby fee of 0.45 per cent to 0.675 per cent per annum, both of which are dependent on the company's leverage ratio. The syndicate of banks include Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada. The revolving loan has a term of four years, maturing in December, 2022.
Sandstorm's president and chief executive officer, Nolan Watson, commented, "With our commitment to use current cash on hand as well as our 2019 operating cash flow to fully complete our 10-per-cent share buyback plan, we are pleased to be able to increase the size and reduce the cost of our undrawn revolving credit facility in order to ensure that we continue to have sufficient liquidity to grow the company."
About Sandstorm Gold Ltd.
Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 187 royalties, of which 20 of the underlying mines are producing.
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