MONTREAL, March 15 /CNW Telbec/ - Semafo Inc. (SMF: TSX) today announced
closing of a US$45,000,000 5-year term loan for its Mana Gold project
currently under construction.
The loan, which has been fully underwritten by Natixis (formerly Natixis
Banques Populaires) a leading Paris based financial institution, carries
interest at the three month Libor rate plus 3% and is to be repaid in fifteen
quarterly instalments of three million dollars each commencing June 30, 2008.
Proceeds will be used for construction of the Mana mine.
As part of the transaction, Semafo issued to Natixis 1,000,000 warrants
with an exercise price of CDN$2.00 and a five year term. Each warrant entitles
the holder to subscribe to one common share.
The common shares of Semafo are traded on The Toronto Stock Exchange
under the symbol "SMF".
This press release contains "forward-looking statements", including, but
not limited to, the statements regarding the Company's expectations as to the
market price of gold, strategic plans, future commercial production,
production targets, timetables, mine operating costs, fixed assets expenses,
mineral reserve estimates and to the company's perspectives. Forward-looking
statements express, as at the date of this press release, our estimates,
forecasts, projections, expectations and beliefs as to future events or
results. Forward-looking statements are reasonable, but involve a number of
risks and uncertainties, and there can be no assurance that such statements
will prove to be accurate. Therefore, actual results and future events could
differ materially from those anticipated in such statements. Factors that
could cause results or events to differ materially from current expectations
expressed or implied by the forward-looking statements include, but are not
limited to, factors associated with fluctuations in the market price of
precious metals, mining industry risks, uncertainty as to calculation of
mineral reserves, risks related to the grade of reserves, risks related to
hedging strategies, risks of delays in construction and requirements of
Semafo is a mining company whose mission is to explore, develop and mine
major gold deposits in West Africa. Semafo currently operates the Kiniero mine
in Guinea, the Samira Hill mine in Niger and the Mana project in Burkina Faso
currently in construction.
For further information:
For further information: SEMAFO: Benoit La Salle, President & CEO, (514)
744-4408, Fax: (514) 744-2291, email@example.com; SEMAFO: Michel Cormier,
Qualified Person, (514) 744-4408, Fax: (514) 744-2291, firstname.lastname@example.org;
RENMARK: Christopher Wells, email@example.com; Neil Murray-Lyon,
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; More extensive information on Semafo can be found on
our home page at http://www.semafo.com