MAG Silver signed a binding commitment letter with BMO for a fully underwritten $40 million revolving credit facility. Closing of the facility is expected to occur by mid-December and is subject to the satisfaction of customary conditions and completion of definitive documentation.
The facility has a maturity date of Dec. 31, 2024, and will be available for working capital and general corporate purposes and provides MAG with additional liquidity and financial flexibility for its 44% share of the development and exploration costs of at its joint venture mining site in Juanicipio, Mexico.
“We are very pleased to enter into a credit relationship with BMO, a leading financial institution in Canada,” George Paspalas, president and CEO of MAG Silver, said. “This $40 million facility bolsters our liquidity and increases our financial strength as we ramp up at Juanicipio and transition to commercial production.”
