GOLD: Rubicon secures US$50M loan as Phoenix production nears

ONTARIO – Rubicon Minerals Corp. of Toronto has secured a US$50 million loan for its Phoenix gold project in the Red Lake camp. CPPIB Credit Investments, a subsidiary of Canada Pension Plan Investment Board, is advancing the funds until May 12, 2020, at an annual interest rate of 7.5%, compounded quarterly.

Rubicon is issuing to CPPIB 10 million warrants. Each warrant may be used to buy one Rubicon common share at a price of C$1.715 during the next five years.

Initial gold production at the Phoenix project is just a few weeks away. Commissioning has already begun on the 1,900 t/d mill. Gold production is targeted at 165,300 oz per year with an all-in sustaining cost of US$870 per oz.

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