Mr. Russell Ball reports
CALIBRE MAKES FINAL ACQUISITION PAYMENTS TOTALING US$15.5 MILLION TO B2GOLD AHEAD OF SCHEDULE; NOW DEBT-FREE AND GENERATING SIGNIFICANT FREE CASH FLOW
Calibre Mining Corp. is now debt-free after making the final acquisition-related payments of $15.5-million (U.S.) to B2Gold Corp.
As announced on March 25, 2020, Calibre and B2Gold agreed to defer the payment of the $10-million (U.S.) deferred acquisition payment and the $5.5-million (U.S.) working capital adjustment payment for up to a six-month period from Oct. 15, 2020, to April 15, 2021.
Russell Ball, chief executive officer of Calibre, stated: "I want to once again thank B2Gold for extending the repayment terms when we suspended operations in March due to the pandemic. With a strong third quarter at the operations, significant free cash flow generation and $56-million (U.S.) on hand at quarter-end, we elected to repay the amounts owed to B2Gold on the original repayment schedule. Because that's what good partners do."
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed gold mining and exploration company with two 100-per-cent-owned operating gold mines in Nicaragua. The company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon gold project, Calibre has proceeded to integrate its operations into a hub-and-spoke operating philosophy, whereby the company can take advantage of reliable infrastructure, favourable transportation costs and multiple high-grade mill feed sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.
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