Sept 15 (Reuters) - Canadian miner Pretium Resources Inc
PVG.TO said it secured $540 million in financing to develop an
underground mine at its Brucejack Project in British Columbia.
Pretium, whose Brucejack project is one of the highest-grade
gold finds of recent times, said Orion Mine Finance Group and
Blackstone (NYSE:BX) Group's BX.N Tactical Opportunities Fund had agreed
to provide the financing that would cover more than 70 percent
of the estimated cost.
The financing includes a $350 million credit facility, a
$150 million prepayment under a callable gold and silver stream
agreement and a private placement of Pretium common shares for
$40 million, the company said.
Pretium, which expects commercial production at the project
to begin in 2017, said the funding deal would give it immediate
access to $340 million upon closing.
Pretium had secured gross proceeds of about C$99 million
($74.78 million) from subscription agreements and Zijin Mining
group Co 601899.SS for the Brucejack project in 2014.
In July, British Columbia and Canada's environment
ministries said the Brucejack project was not likely to cause
significant adverse environment effects.
($1 = 1.3238 Canadian dollars)