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New Gold Inc concludes USD150m undrawn revolving credit facility.

M2 EQUITYBITES-December 17, 2010-New Gold Inc concludes USD150m undrawn revolving credit facility(C)2010 M2 COMMUNICATIONS

Gold mining company New Gold Inc (TSX:NGD) (NYSE AMEX:NGD) revealed on Thursday that the company has signed an agreement with a syndicate of banks to establish a USD150m undrawn revolving credit facility, enhancing the former's financial flexibility.

The company added the syndicate of banks includes the Bank of Nova Scotia, Commonwealth Bank of Australia, UniCredit Bank AG, Royal Bank of Canada and JP Morgan Chase Bank NA.

This facility has an initial term of three years with annual extensions permitted and also provides New Gold Inc with additional liquidity supplementing the company's already strong cash position.

Additionally, the facility claimed the facility is structured and arranged by Scotia Capital and Commonwealth Bank of Australia.

According to report, the company, including the USD58m received from the 1 December 2010 sale of Beadell shares, has over USD425m of cash today.

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Publication:M2 EquityBites (EQB)
Date:Dec 17, 2010
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