TORONTO, Aug. 31, 2022 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Firm”) at present declares that it has executed an amended and restated credit score settlement that upsizes its senior secured revolving credit score facility (the “Credit score Facility”), led by Nationwide Financial institution Monetary Inc. (“NBF”) to $80 million instantly and to $150 million upon declaration of economic manufacturing at Kiena. The power additionally options extra beneficial covenants, lowers the margin of borrowing, and extends the time period to August 25, 2025 from March 29, 2024. All figures are said in Canadian {dollars} except in any other case famous.

Duncan Middlemiss, Chief Govt Officer, commented, “With this facility and ongoing free money circulate technology from our Eagle River mine, Wesdome maintains vital monetary liquidity and suppleness as we glance in the direction of ramping up Kiena within the close to time period.”

The Credit score Facility is secured by all the Firm’s current and future actual and private property. The NBF Facility is accessible by the use of (i) Canadian greenback Prime Charge or U.S. greenback Base Charge, with rates of interest starting from 1.75% to 2.75% over NBF’s Prime Charge or Base Charge, as relevant, (ii) Canadian greenback Bankers’ Acceptances at acceptance charges starting from 2.75% to three.75%, and (iii) U.S. greenback Secured In a single day Financing Charge (“SOFR”), with rates of interest starting from 2.75% to three.75% over SOFR. The precise unfold or price will likely be decided primarily based on the Firm’s internet leverage ratio. The NBF Facility can be obtainable for letters of credit score and will likely be used for basic company and dealing capital functions

The amended and restated Credit score Settlement will likely be posted to SEDAR (www.sedar.com) sooner or later.

COVID-19

The well being and security of our staff, contractors, distributors, and consultants is the Firm’s high precedence. In response to the COVID-19 outbreak, Wesdome has adopted all public well being tips relating to security measures and protocols in any respect of its mine operations and company workplace. These protocols are nonetheless in place in any respect websites regardless of the loosening of some provincial public well being tips. As well as, our inner COVID-19 Taskforce continues to observe developments and implement insurance policies and applications supposed to guard those that are engaged in enterprise with the Firm.

By way of care and planning, to this point the Firm has efficiently maintained operations, nonetheless there will be no assurance that this may proceed regardless of our greatest efforts with the emergence of recent, extremely contagious variants resembling Omicron. To this point, the corporate has been impacted by this most up-to-date variant outbreak, with staff at each operations and company workplace changing into contaminated which can negatively impression our means to take care of projected timelines and targets. Consequently, the Firm’s precise future manufacturing and manufacturing steerage is topic to larger ranges of threat than ordinary. We’re persevering with to carefully monitor the state of affairs and can present updates as they grow to be obtainable.

ABOUT WESDOME
Wesdome is a Canadian centered gold producer with two excessive grade underground property, the Eagle River mine in Ontario and the not too long ago re-started Kiena mine in Quebec. The Firm additionally retains significant publicity to the Moss Lake gold deposit in Ontario by its fairness place in Goldshore Assets Inc. The Firm’s main objective is to responsibly leverage this working platform and high-quality brownfield and greenfield exploration pipeline to construct Canada’s subsequent intermediate gold producer. Wesdome trades on the Toronto Inventory Trade below the image “WDO,” with a secondary itemizing on the OTCQX below the image “WDOFF.”

For additional info, please contact:

220 Bay St, Suite 1200
Toronto, ON, M5J 2W4

Toll Free: 1-866-4-WDO-TSX
Telephone: 416-360-3743, Fax: 416-360-7620
Web site: www.wesdome.com

This information launch incorporates “forward-looking info” which can embrace, however is just not restricted to, statements with respect to the long run monetary or working efficiency of the Firm and its tasks. Usually, however not all the time, forward-looking statements will be recognized by means of phrases resembling “plans”, “expects”, “is anticipated”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (together with unfavourable variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “might”, “might”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Ahead-looking statements contained herein are made as of the date of this press launch and the Firm disclaims any obligation to replace any forward-looking statements, whether or not on account of new info, future occasions or outcomes or in any other case. There will be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. The Firm undertakes no obligation to replace forward-looking statements if circumstances, administration’s estimates or opinions ought to change, besides as required by securities laws. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements. The Firm has included on this information launch sure non-IFRS efficiency measures, together with, however not restricted to, mine working revenue, mining and processing prices and money prices. Money prices per ounce replicate precise mine working prices incurred through the fiscal interval divided by the variety of ounces produced. These measures aren’t outlined below IFRS and due to this fact shouldn’t be thought-about in isolation or as a substitute for or extra significant than, internet earnings (loss) or money circulate from working actions as decided in accordance with IFRS as an indicator of our monetary efficiency or liquidity. The Firm believes that, along with standard measures ready in accordance with IFRS, sure buyers use this info to guage the Firm’s efficiency and talent to generate money circulate.

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