BOM Completes Imperial Metals Credit Facility
Imperial Metals completed a new $50 million revolving second lien secured credit facility with the Bank of Montreal maturing on April 1, 2017.
The terms and conditions of the credit facility are modelled after the $200 million senior secured credit facility completed by the company on March 12, 2014, adjusted to reflect the second lien.
Edco Capital, a significant shareholder of the company, has guaranteed the credit facility. As consideration for the guarantee Edco will receive an annual fee of 2% of the loan amount payable monthly.
The credit facility will provide additional liquidity for the commissioning and startup of the Red Chris Mine and for general working capital purposes.
Vancouver, British Columbia-based Imperial is an exploration, mine development and operating company.