Alderon Iron Ore’s Kami Mine has agreed with Sprott Resource Lending to extend the term of the $14 million loan facility.
The loan facility had an original maturity date of December 31, 2019, which will now be extended to February 14, 2020. Alderon and the Kami are currently evaluating several strategic transactions and this extension provides additional time to continue to pursue these opportunities.
Sprott and Kami have agreed to conclude a forbearance and extension agreement by January 10, 2020. In connection with the extension a total of $350,000 in common shares shall be issued to Sprott and Altius Minerals on the original maturity date.
Alderon is an iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through Kami, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines.
