Mineral & Financial Investments Ltd on Wednesday said its investee Golden Sun Resources Ltd has closed a streaming financing package worth $10 million.
The financing will expand the BellaVista mine asset in Costa Rica to a full mining and milling operation. It is currently a ‘small scale pilot plant heap leach operation’.
‘The financing package will fund several initiatives, and the construction of a 400 tonnes per day carbon in leach mill. The mill construction and expansion is expected to be completed by March 2024,’ M&F said.
The streaming financing package was entered into alongside Sprott Resource Streaming & Royalty Corp.
M&F said it has converted its existing secured convertible loan notes into Golden Sun Resources shares. It now holds a 5.2% stake in Golden Sun.
Shares in the company closed 4.9% higher at 19.40 pence each in London on Wednesday.
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