21 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D Significant financi a l co venants from the credit facility are as follows Twelve mont hs ende d March 31 Twelve mont hs ende d December 31 Financial coven ant 202 0 201 9 FINANCIAL COVENANTS M i nim u m inter e s t c o v e rage r a tio Ad j us ted E B ITDA to i n teres t 30 1 40 1 43 1 Maximum leverag e rati o n et deb t to Adjuste d EBI TDA 45 1 23 1 31 1 M a x i m u m s e c u red lev e ra ge r a tio s e c ured d ebt to A d ju s t ed EBITDA 20 1 10 1 07 1 Liquidity and Cash Flow As at March 31 2020 the Comp any ha d ca sh an d ca sh e qui vale nts of 4004 million com p ared to 834 million at December 31 2019 The Co m panys invest ment poli cy i s to invest its surplus funds i n permitted inve stment s consi s ting of tr easury bills b ond s notes a nd othe r evi d ences of ind e b tedne ss of Can ada the US or an y of the Cana d i an provin ce s with a mini mum credit rating of R1 mid from the DBRS or a n equi valent rat i ng from Stan dard Poo r s or Moo d y s a nd wi th matu rities of 12 mo nths o r less at the origin al date of acq u i s ition In addition the Co mpan y is pe rmitted to invest in ban ke rs acce ptan ces an d other evid en ce s of indebte dne ss of certain financi a l institut ions All inve stments must have a maxi mum term to maturity of 1 2 months an d the averag e term will generall y ra nge from seve n days to 90 days Unde r the policy the Co mpan y is not permitted to make in ve st ments in a s setba cked co mmercial pa p e r The Com pan ys liqui dity is impacte d by seve ral facto r s which in clud e but are not limited to gold and cop p e r market pri c e s capital exp enditures op erating co sts interest rate s and foreign exchang e ra tes These factors are m onitore d by th e Comp an y o n a regul ar b a si s and will contin ue to b e revi ewed The Co mpan ys ca sh flows fro m ope rating invest ing and fina ncin g activiti es as p r e s e n ted in the con s oli dated statement s of ca sh flows are summ ari z ed in the follo wing tabl e for the three m o nths e nded March 31 20 20 and 2 019 Three months end e d March 31 in millions of U S dolla rs except where not ed 202 0 201 9 CASH F L OW I N FORM AT ION Cas h ge nerat ed fr om oper ati ng ac tiv i ties 513 743 Cas h us ed in i n v e s t ing ac t i v i ties 584 380 Cas h ge nerat ed b y us ed in fin anc i ng ac tiv i ties 325 6 80 Effec t of ex c han ge rate c h an ges on c a s h an d c a s h e q u i v a lents 15 03 Chang e i n c a s h a nd c a s h e q u i v a le n t s 317 0 286 Operating Act i vities For the th re e months end e d March 31 2 020 the d e cr ease in ca sh gene rated f r o m ope rating a c tivitie s was due pri m aril y to lower re ve nue s re sultin g from lower metals sale s volum e s I n ve st ing A c t i vit i es Ca sh u s ed in inve sting a c tivities i s prima r ily for the con t inued ca pital inve stment in the Comp an y s ope rating mines a nd de velo pment p r oject s