Patagonia Gold Announces Increase to Loan Facility

Apr 14, 2023

VANCOUVER, British Columbia, April 14, 2023 (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). The original loan facility, which Cantomi provided in February 2019 for US$15 million was subsequently amended and increased to US$20 million with a maturity date of December 31, 2024 (as amended, the “Cantomi Loan”). The agreement amending the Cantomi Loan provides that the maximum aggregate amount of the Cantomi Loan is increased to US$33 million. The funds from the increased Cantomi Loan will be used to refinance existing lines of credit to reduce interest costs and for general working capital purposes. Other than the amendment to increase the maximum amount of the Cantomi Loan, all other terms of the Cantomi Loan remain unchanged.

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