Patagonia Gold Announces Increase to Loan Facility

Nov 11, 2022

VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces it has entered into an agreement with Cantomi Uruguay S.A. (“Cantomi”) to increase the maximum aggregate amount of the Cantomi Loan (as defined below) and change the interest rate applicable to such loan. In February, 2019, Cantomi provided a US$15 million loan facility at 5% interest per annum (the “Cantomi Loan”) with a maturity date of December 31, 2023. The agreement amending the Cantomi Loan provides that the maximum aggregate amount of the Cantomi Loan is increased from US$15 million to US$20 million, and the interest rate is increased to 7.5% per annum. The funds from the increase of the Cantomi Loan will be used to reduce debt in Argentina and for general working capital purposes. Other than the amendments to increase the maximum amount and the interest rate of the Cantomi Loan, all other terms of the Cantomi Loan remain unchanged.

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