Dynacor Announces Debt-Free Status After Early Repayment of Long-Term Credit Facility
MONTREAL, QUEBEC--(Marketwired - Jan 9, 2018) - Dynacor Gold Mines Inc. (TSX:DNG)(OTC:DNGDF) (Dynacor or the Corporation) (all amounts refer to US dollars) is pleased to announce the Corporation is now debt free. The final payments, on its long-term senior secured credit facilities, amounting to $1.9 million were done in the last week of December 2017.
During the last five (5) months of 2017, Dynacor has made aggregate payments of $6.3 million due to the robust free cash flow generated by its gold processing operations. Cash flow generated in the third quarter ended September 30, 2017, was $0.07 per share which is equivalent to an annualized rate of $0.28 per share.
The principal on its long-term debt was only due in January of 2019. Dynacor has by paying off its debt early considerably reduced its financial burden. During the last 12 months, the Corporation paid $ 0.7 million in interest and financial fees relating to its long-term debt.
Leonard Teoli, Dynacor's Vice President and CFO stated, "I am very pleased to be able to report that Dynacor's cash flow is once again steadily growing and has put us in the enviable position to repay our debt well ahead of schedule. Dynacor is now debt free and has a very strong financial base to develop our company in 2018."
ABOUT DYNACOR GOLD MINES INC.
Dynacor Gold Mines Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in production through its government approved ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2016, Dynacor produced 73,476 ounces of gold, a 9% increase as compared with 2015 (67,603 ounces in 2015). Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX:DNG)
Website: http://www.dynacor.com
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Contact
Jean Martineau
President and CEO
#1105, 625 René-Lévesque Blvd.
Dynacor Gold Mines Inc.
Montreal, Quebec H3B 1R2
T: 514-393-9000 ext. 228
Dale Nejmeldeen
Director, Investor Relations
Dynacor Gold Mines Inc.
T: 604.492.0099 / M: 604.562.1348
E: nejmeldeen@dynacor.com
