en.Wedoany.com Reported - Lake Victoria Gold Ltd. is advancing the Bank of Tanzania and related regulatory workflows to finalize the previously announced loan financing of up to 6,000 ounces of gold (approximately $25 million) for the Imwelo Gold Project. This financing, provided by Monetary Metals & Co., is intended to provide the company with non-dilutive, project-level capital to support the development of the fully permitted Imwelo Gold Project (Mining License No. ML 538/2015) held by its wholly-owned Tanzanian subsidiary, Tembo Gold (T) Limited.

The company stated that the financing is denominated and repayable in ounces of gold, aligning the facility with Imwelo's future production and enabling development funding without the need for significant equity financing.

Key regulatory workflows currently being advanced include: registration of the offshore financing with the Bank of Tanzania, including obtaining a debt registration number; engagement with the Mining Commission regarding Mining License ML 538/2015 and the gold delivery mechanism; coordination of mineral sales, royalties, and export clearance; and final documentation and implementation planning related to the financing.

Marc Cernovitch, President, CEO, and Director of Lake Victoria Gold, stated that advancing the Tanzanian regulatory process for this financing is an important and positive step for the company, reflecting a disciplined, project-level capital structure that the company believes is suitable for near-term gold development projects. Keith Weiner, CEO of Monetary Metals, noted that both parties are collaborating to advance the regulatory process, and the foundational steps must be properly completed.

The company also announced that it has received approval from the TSX Venture Exchange to issue an aggregate of 83,960 common shares of the company to bondholders at a price of $0.31 per share to satisfy an interest obligation of $26,027.51 due as of the date of conversion of convertible debentures into common shares.

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