Mining Weekly reported that Turquoise Hill Resources (TSX:TRQ, NYSE:TRQ) announced that it has received a $225 million nonrevolving bridge facility from Rio Tinto (NYSE:RIO) for Oyu Tolgoi.
As quoted in the Mining Weekly report:
Turquoise Hill pointed out that, should it default under the terms of the bridge facility, Rio Tinto would be entitled to convert any outstanding amounts into common shares at a price per share equal to 85% of the then prevailing five-day volume-weighted average trading price of the shares on the NYSE.
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