Ascendant Resources’ subsidiary, American Pacific Honduras, closed a $5 million short-term revolving credit facility with Banco Financiera Comercial Hondurena.
The credit facility has a 12-month term from the closing date, bears interest at a rate of 8% to 13%, depending on currency drawn down, and is renewable on an annual basis. The facility will be used for working capital and other general corporate purposes. The credit facility is secured by a pledge of the company’s real estate assets at the port of Puerto Cortés, Honduras and a corporate guarantee.
“This facility strongly supports Ascendant’s liquidity and greatly eases cash management and inventory control for the company,” said Chris Buncic, president and CEO of Ascendant. “We look forward to a strong and fruitful relationship with our friends at Ficohsa as we continue to grow our operations.”
Ascendant is a Toronto-based mining company focused on its 100%-owned El Mochito Zinc-Lead-Silver Mine in northwestern Honduras, which has been in production since 1948.
