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Harneys advises on Burkina Faso gold project

2 October 2015

Harneys has acted as BVI and Cayman counsel to Societe Generale Corporate & Investment Banking and BNP Paribas as lenders (the Lenders) and their lead counsel, Mayer Brown (London) in a US$75 million senior debt facility, made available to Roxgold Inc. for the Yaramoko Gold Project in Burkina Faso, West Africa (the Gold Project).

Roxgold Inc. is a gold exploration and development company listed on the TSX Venture Exchange. It will use the six-year debt facility for the development of its Gold Project with a goal of reaching production in the second quarter of 2016.
 
In connection with the debt facility Roxgold Inc. also established a gold hedging program with the Lenders. The hedging program covers the gold price exposure for 65,000 ounces of Yaramoko's projected gold production, which equates to approximately 8.5 per cent of Roxgold’s current reserve over the life of loan.
 
Louise Groom, head of banking and finance at Harneys in Cayman comments: “Harneys is delighted to have advised Societe Generale and BNP Paribas on the project financing of the Gold Project and to continue our long standing relationship with Mayer Brown’s Africa and Mining team."

The Harneys team was led by Partner Louise Groom and Senior Associate Michelle Frett-Mathavious in the BVI.