Guanajuato Silver Company Ltd (OTCMKTS:GSVRF) Stock Continues to Fall: Now What?
Guanajuato Silver Company Ltd (OTCMKTS:GSVRF) on August 5, 2021, announced drawing down US$7,500,000 from a loan facility with European-based metals trading firm OCIM Group. This financing will strengthen its balance sheet during the firm’s El Cubo mine refurbishment, which is 11 kilometers in central Mexico.
The firm issued notice to OCIM for drawing funds from a US$7,500,000 silver and gold loan in July 2021.
GSilver Chairman and CEO James Anderson said it appreciates OCIM for its flexibility and believes that the funding arrangement has enabled it to access funds at the right for finishing work on El Cubo mill and engage in mine development for commercial production.
GSilver CFO Lisa Dea said that the company hopes to be Mexico’s next silver and gold producer and it aims to ramp up planned production of 29,000 tonnes per month by mid-2022. The firm announced the acceptance of TSX Venture Exchange retaining Red Cloud Securities as the trading adviser and providing market-making services. Red Cloud will be trading shares of GSilver on the TSXV for maintaining an orderly market and helping improve the liquidity of the firm’s common shares.
GSilveralso announced mining, mucking, and stockpiling of mineralized material at its El Cubo mine recommencing ahead of schedule. The firm’s engineers opine that Villalpando Stopes can give 15,000 tonnes of mineralized material per month.
