Mr. Jean Martineau reports
DYNACOR ANNOUNCES DEBT-FREE STATUS AFTER EARLY REPAYMENT OF LONG-TERM CREDIT FACILITY
Dynacor Gold Mines Inc. 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. (All amounts refer to U.S. dollars.)
During the last five 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 Sept. 30, 2017, was seven cents per share, which is equivalent to an annualized rate of 28 cents 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 $700,000 in interest and financial fees relating to its long-term debt.
Leonard Teoli, Dynacor's vice-president and chief financial officer, 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 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-per-cent increase as compared with 2015 (67,603 ounces in 2015).
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