GOLD: Mubadala invests $130M in Equinox Gold

VANCOUVER – Equinox Gold has attracted a $130-million (amounts are in U.S. dollars) investment from Abu Dhabi’s state owned Mubadala Investment Co. in the form of convertible notes. [caption id="attachment_1003727152" align="alignright" width="238"] The Castle Mountain mine produced more than 1.3 million oz. of gold from 1992 to 2004. (Image: Equinox Gold)[/caption] The notes are for five years with a 5% interest rate convertible at $1.05 per share, a 25% premium to the 10-day volume weighted average Equinox share price. Mubadala will be granted a seat on Equinox’s board and standard anti-dilution rights. Equinox plans to use the funds to move the Castle Mountain gold project forward in California, refinance a portion of existing debt, and for general and working capital expenses. Equinox is moving the Castle Mountain heap leach gold mine in California towards phase one production in 2020. This historic mine will start its next life as a 200,000 oz. gold per year producer. Measured and indicated resources are 242.2 million tonnes at 0.63 g/t gold for 4.3 million contained ounces. The inferred resource is 171.4 million tonnes at 0.40 g/t gold for 2.2 million contained ounces. Visit www.EquinoxGold.com to see the presentation about the Castle Mountain pre-feasibility study.