Kemess Mines Establishes US$100M Project Loan

Kemess Mines Ltd., a subsidiary of Northgate Exploration Limited, has established a six-year US$100 million syndicated project loan and a US$10 million working capital facility. The project loan has been used to partially refinance a bridge facility used to acquire the Kemess mine in northern British Columbia.

Kemess and guarantors Northgate Exploration Limited, Northgate Resources and Royal Oak Ventures Inc. were represented by Tom Hunter of the Toronto office of Fraser Milner Casgrain LLP and Bruce McKay, Bob Goodrich and Alan Hutchinson of their Vancouver office. Trilon Financial Corporation, also a guarantor, was represented by Ed Nordholm, Adam Delean and Ryan Barry of Torys.

The Bank of Nova Scotia, as administrative agent for the lenders, was represented by Borden Ladner Gervais LLP, including James Mathers, Joanne Foot and Colin Simpson of the Toronto office and Don Bird, Magnus Verbrugge and Ken Andersen of the Vancouver office.