SAS Retires Scotiabank Term Loan, Extends Revolver
St Andrew Goldfields (SAS) announced it has retired the entire $7 million owing on the term credit facility with Scotiabank and extended its $10 million revolving credit facility, which remains undrawn, for two years to mature on May 6, 2016.
Interest rates on the extended facility range from 2.50% to 3.25% on prime rate based advances and from 3.50% to 4.25% on LIBOR based advances. Depending on the level of the company’s financial strength, standby charges on the facility range from 0.875% to 1.0625% per annum.
“We are happy to have extended the revolving facility” said Duncan Middlemiss, president & CEO of SAS. “Gold prices remain depressed and the US$10 million Facility gives us the financial flexibility should we need it. We feel comfortable with our current cash position and we are confident we have the financial flexibility to achieve our 2014 goals.”
Toronto-based SAS is a gold mining and exploration company with an extensive land package in the Timmins mining district, northeastern Ontario.