VANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to announce it is now debt-free after making the final acquisition-related payments of US$15.5 million to B2Gold Corp. ( “ B2Gold ” ).
As announced on March 25, 2020, Calibre and B2Gold agreed to defer the payment of the US$10 million “Deferred Acquisition Payment” and the US$5.5 million “Working Capital Adjustment” payment for up to a six-month period from October 15, 2020 to April 15, 2021.
Russell Ball, Chief Executive Officer of Calibre, stated: “I want to once again thank B2Gold for extending the repayment terms when we suspended operations in March due to the pandemic. With a strong third quarter at the operations, significant free cash flow generation and US$56 million on hand at quarter-end, we elected to repay the amounts owed to B2Gold on the original repayment schedule. Because that’s what good partners do.”
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a “Hub-and-Spoke” operating philosophy, whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade mill feed sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.
ON BEHALF OF THE BOARD
Russell Ball, Chief Executive Officer
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Vice President, Corporate Development & IR