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Big River debt-free and focused on gold project, Brazil

Mining
ASX:BRV
11 September 2019 23:56 (AEST)

Big River Gold, previously Crusader, has announced it is now debt free after a deal with its major shareholder Copulos Group.

Copulos has elected to covert $1.5 million of Convertible Notes it holds with the company plus accrued interest.

This conversion will be completed by the terms of the Notes and approval of shareholders on June 12, 2019, at the price of 0.1¢ per share.

The conversion will leave Big River with no debt and a strong cash balance. The money will fund the completion of the Borborema Definitive Feasibility Study (DFS), which is on track to be completed in the fourth quarter of 2019.

Big River is a minerals exploration company focused on advancing its wholly owned Borborema Gold Project in Brazil.

The Borborema is a significant undeveloped gold resource project located in the Seridó area in Rio Grande do Norte in north eastern Brazil.

The project covers an area that is 29 kilometres squared and consists of three mining licenses.

“The conversion of the Notes removes the last remaining debt of Big River Gold and strengthens the balance sheet of the company, allowing us to focus on the DFS and making the company more attractive to investors and potential Project Financiers,” Big River Executive Director Andrew Richards said.

Big River believes that Brazil is under-explored and offers high potential for the discovery of world class mineral deposits.

“The Copulos Group has been a long term supporter of the Company and clearly recognises the underlying value of the Company’s assets, and in particular the Borborema Gold project,” Andrew added.

Big River has gained 5.56 per cent today and is currently selling at 0.19¢ per share at 10:56 am AEST.

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