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Lake Shore Gold to Draw $35 Million Standby Line of Credit
By: Marketwired .
Feb. 1, 2013 09:27 AM
TORONTO, ONTARIO -- (Marketwire) -- 02/01/13 -- Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced that the Company has finalized the drawdown of the Company's $35 million standby credit facility (the "Facility") with Sprott Resource Lending Partnership. Details of the Facility were announced in press releases issued by the Company on April 11, 2012, and June 14, 2012.
Consistent with the terms of the Facility, which was available to be drawn until March 31, 2013, the Company paid a drawdown fee satisfied through the issuance of 885,964 common shares of Lake Shore Gold.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "Lake Shore Gold is well funded having begun the year with approximately $61 million of cash and gold bullion inventory. We have drawn the Facility primarily to provide additional liquidity to ensure that we remain on-side with certain covenants associated with debt instruments on our balance sheet."
About Lake Shore Gold
Lake Shore Gold is a mine development and operating company that is in production and pursuing rapid growth through the advancement of three wholly owned, multi-million ounce gold complexes in the Timmins Gold Camp. The Company is in production at both the Timmins West and Bell Creek mines, with material being delivered for processing to the Bell Creek Mill. The Company continues to have an active drilling program aimed at supporting current operations and evaluating high-priority exploration targets around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
Certain statements in this press release relating to the Company's expected production levels, production growth, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com, or its most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
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