Mandalay Resources said it amended its secured revolving credit facility effective June 28, 2013. The company’s revolving credit facility, arranged by BMO Capital Markets, was originally entered into by the Company on May 30, 2012 and was previously amended on May 30, 2013.
Under the amendment, the facility’s credit limit has been increased from $20 million to $30 million up to and including June 30, 2014 and will reduce back down to $20 million thereafter. In addition, the maturity date of the Facility has been extended to June 30, 2015.
Brad Mills, chief executive officer of Mandalay, commented: “The additional $10 million provided by the amendment gives the company increased flexibility. The Company expects to use the Facility for general corporate purposes, including the funding of permitted acquisitions.”
Mandalay Resources is a Canadian-based natural resource company with producing and exploration assets in Australia and Chile.