Euro Sun secures multi-facility agreement for Romanian project
TSX-listed Euro Sun Mining has entered into definitive agreements with Trafigura to amend and restate the pre-development facility agreement, securing access to up to $200-million to advance development and support future construction at the Rovina Valley copper/gold project in Romania.
Trafigura has also indicated that it intends to assist Euro Sun sourcing additional financing upon reaching the construction phase of the project.
Under the multi-facility agreement, the first tranche (Tranche A) was fully drawn down in mid-2025.
An additional $17.5-million tranche (Tranche B) may be drawn down by June 30, 2027, and the final $180-million may be drawn down by June 30, 2031 (Tranche C), in each case provided several conditions have been satisfied, such as completion of requisite land purchases and environmental and social impact assessments and the company receiving regulatory authorisations.
Drawdowns under Tranche A and Tranche B are repayable on June 30, 2027 (subject to automatic extensions in certain circumstances); drawdowns under Tranche C are repayable on June 30, 2031.
Moreover, Euro Sun has issued 22-million warrants to Trafigura, of which 2.75-million vested immediately, 2.20-million vest upon a draw down by under Tranche B, and the remaining 17.05-million vest upon a drawn down under Tranche C.
“I am very pleased to report that we have worked hard alongside Trafigura to secure the $200-million facility. Securing this funding marks an important milestone in reinforcing our balance sheet and progressing our short and long-term development strategy and will be instrumental in advancing our flagship Rovina Valley copper-gold project,” says Euro Sun CEO Grant Sboros.
