OCIM provides Inca One with a second financing facility of US$6 million
Ocim Precious Metals SA ("OCIM") is pleased to announce it has granted a second financing facility in the amount of US$6 million to Inca One Gold Corp. (TSX-V: IO, OTC: INCAF, FSE: SU92) (“Inca One”) following a first round of US$2.5 million, signed in March 2021.
Listed on the Toronto Stock Exchange, Inca One operates two gold ore processing units, Chala One and Kori One, located in Peru and duly authorized by local authorities. An exemplary firm in terms of social responsibility and strong environmental practices, Inca One sources its gold from small artisanal producers and sells its production of gold doré bars to European refining companies.
On March 15, 2021, OCIM provided Inca One US$2.5 million in secured financing, redeemable in gold bullion to increase Inca One's supply of ore from local small-scale producers and to raise usage of its processing units to 100% of capacity. Halfway through the financing’s term, Inca One has fully deployed the funds, making it possible to boost supply and production—both of which attained record levels in May—and allowing the company to make its first repayment ahead of schedule.
Building on this success, OCIM and Inca One have entered into discussions to arrange an additional financing facility structured as a prepayment to be reimbursed in gold bullion. The new facility will be significantly larger with a longer term, and will support the continued ramp-up of Inca One's two processing facilities. “We are pleased to consolidate our partnership with this key player in the Peruvian gold sector, with whom we have rapidly built a trusting relationship. This second financing round also confirms the relevance of this type of recurring facility, which is both non-dilutive and better suited to the business model of the industry,” explains Laurent Mathiot, CEO of OCIM.
ABOUT INCA ONE
Inca One Gold Corp is a TSXV listed gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company produced nearly 25,000 ounces of gold from its operations in 2019 and has generated over US$100 million in revenue over the last five years. Inca One, now in its sixth year of commercial production, is led by an experienced and capable management team that has established the Company as a trusted leader in servicing government permitted, small scale miners in Peru. Peru is the world’s sixth-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth.
To learn more, visit www.incaone.com.