Gatos Silver, Inc. (GATO) Q2 2021 Earnings Conference Call August 9, 2021 12:00 PM ET
Company Participants
Stephen Orr - Chairman and Chief Executive Officer
Dale Andres - President
Roger Johnson - Chief Financial Officer
Adam Dubas - Chief Administrative Officer
Conference Call Participants
Cosmos Chiu - CIBC World Markets Inc.
Michael Siperco - RBC Capital Markets
Ryan Thompson - BMO Capital Markets
Operator
Good afternoon. Thank you for standing by, and welcome to the Gatos Silver 2Q 2021 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today's conference is being recorded. [Operator Instructions]
I would now like to turn the call over to Gatos Silver, Chief Executive Officer, Stephen Orr. Sir, I give it to you.
Stephen Orr
Thank you very much. Before I begin, I would like to caution our attendees that I'll be making forward-looking statements. And these statements are not guarantees of future performance.
I'd like to start the presentation on Slide number 3. So we previously mentioned that 2021 is a year of optimization for Gatos Silver. Many of the initiatives that we have previously discussed focused on Cerro Los Gatos. But most recently, we executed initiatives to strengthen the Gatos Silver balance sheet and provide greater financial flexibility to the company.
In July, we entered into a revolving $50 million debt facility with the Bank of Montreal, and it has an accordion feature, which will allow us to expand this up to a $100 million. Then in mid-July, we completed a primary equity offering, raising $125 million. Proceeds from the equity offering along with a modest drawdown from the revolving debt facility and corporate cash, allowed Gatos Silver to retire its 70% share of the Cerro Los Gatos term debt facility, and concurrently, our joint venture partner, Dowa
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