(Disclosure: RLG represents Elim Mining.)
By Mike Sunnucks | Rose Law Group Reporter
Elim Mining Inc. has completed a $19.1 million financing package and will complete its acquisition of the Cactus Mine. The copper mine is located near Casa Grande.
The financing deal involves Tembo Capital Group and Resource Capital Funds. It includes $5.1 million in equity financing, an $8.9 million loan and $5.1 million in royalties to Tembo and Resource Capital.
“Elim Mining’s continued strong relationship with RCF and the development of a new partnership with Tembo is a coveted position for most junior mining companies. RCF and Tembo’s history of supporting high-quality projects is a testament to the value proposition of the Cactus Mine. With this financing in place, the Company is positioned to safely resume drilling under strict health and safety protocols to advance the project. We are well underway to revitalizing this world-class porphyry copper system in mining-friendly Arizona,” said Elim Mining President and CEO John Antwi.
The Cactus Mine is the former ASARCO Sacaton Mine. Elim executed a purchase agreement for Arizona mine last year.
Elim has its corporate headquarters in Reno, Nevada and its operational headquarters in Phoenix.