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September 04, 2015 9:15 PM ET

Metals and Mining

Company Overview of Golden Star Wassa Ltd.

Company Overview

Golden Star Wassa Ltd. owns and operates the Wassa Gold Mine. The mine is based in Ghana. Golden Star Wassa Ltd. was formerly known as Wexford Goldfields Ltd. As of September 16, 2002, Golden Star Wassa Ltd. is a subsidiary of Golden Star Resources Ltd.

H/no No 1 Milne Close

Accra,  

Ghana

Founded in 1986

Key Executives for Golden Star Wassa Ltd.

Golden Star Wassa Ltd. does not have any Key Executives recorded.

Golden Star Wassa Ltd. Key Developments

Golden Star (Wassa) Limited (Wassa) Signs Commitment Letter with Ecobank Ghana Limited (Ecobank) Regarding an Additional USD 25 Million Secured Medium Term Loan Facility

Golden Star announced that Golden Star (Wassa) Limited (Wassa) has signed a commitment letter with Ecobank Ghana Limited (Ecobank) regarding an additional $25 million secured Medium Term Loan Facility. Drawdowns under the New Facility will be available to finance the development of a potential underground mine at Wassa and will be repayable within sixty months of initial drawdown. The drawdown period is twelve months from entering into the agreement. Interest on the New Facility will be payable monthly at three month LIBOR plus 11% and a transaction fee of 2.5% of the total New Facility is payable to Ecobank. The security and terms on the New Facility are similar to the $50 million secured Medium Term Loan Facility entered into in 2013. The flexibility to prepay the loan without penalties and lack of hedging requirements is of particular benefit to Wassa. Terms include a specific security over plant, machinery and equipment at Wassa. From the end of 2016, certain financial covenants must be adhered to. In addition to the New Facility, the company still has $10 million available for drawdown on its existing $50 million Ecobank facility.

Golden Star (Wassa) Mines Enters Term Loan Agreement with Ecobank Ghana Limited

Golden Star (Wassa) Mines announced that it has entered into Medium Term Loan agreement with Ecobank Ghana Limited for USD 50,000,000.00 to finance the Wassa mine's mineral ore process expansion project, inclusive of pre-feasibility studies, drilling operations and expansion, settlement, partial relocation and other capital expenditure. Interest shall be payable in arrears beginning a month following the end of moratorium period. Principal amount shall be payable quarterly in arrears beginning in the month following the end of the moratorium period.

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