Dynacor Gold Mines Inc. announced that it has entered into senior secured credit facilities in the aggregate amount of up to $10 million with Third Eye Capital Corporation (TEC) acting as agent for the lenders. The new credit facilities consist of a $7 million US drawdown term loan facility and a $3 million revolving facility. The term loan facility shall have a term of up to thirty-six months and bear interest at a rate of 10% per annum.

The revolving facility will have a term of twelve months from the closing date, which may be extended for up to two additional periods of twelve months, and will bear annual interest at a rate of 8.5% or Prime rate + 6% per annum, whichever is greater. The credit facilities can be reimbursed at any time without any penalties. The credit facilities will be utilized for the purposes of funding the completion of a new gold ore processing mill currently under construction (70% complete as of December, 2015) in Chala, Peru, accretive growth in its ore-processing business and for working capital and general corporate purposes.