Sunridge Gold Corp. (CVE:SGC) said Tuesday that it has enlisted finacial advisory services with respect to the company's debt financing requirements for the development of its Asmara project in Eritrea.
The mineral explorer said that the feasibility study at its Debarwa copper-gold-zince deposit is now past the half way point of completion, and the pre-feasibility study at its Asmara North project is also well advanced, leaving it a critical point where it must make "some fundamental decisions" about how these projects should progress towards mining.
Endeavour Financial International will advise Sunridge on different development options at this stage, having previously provided assistance to Nevsun Resources on the Bisha precious and base metal deposit, which is now in production just west of Asmara.
Once Sunridge receives the approval of the TSX Venture Exchange, it said it will issue Endeavour 1.0 million share purchase warrants, alongside monthly payments, milestone fees, and a success fee on the closing of any debt financing.
Aside from Asmara, Sunridge, with $16 million of available cash, also has exploration properties in Madagascar.
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