Turquoise Hill Resources Gets $225 Million Loan Facility from Rio Tinto

Turquoise Hill Resources (NYSE:TRQ, NASDAQ:TRQ,TSX:TRQ) announced that they have entered into an agreement with Rio Tinto (NYSE:RIO) for bridge financing up to $225 million.

As quoted in the press release:

 In the event the Bridge Facility is not repaid in full at the maturity date or in case of an event of default under the terms of the Bridge Facility, at such time, Rio Tinto may 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 New York Stock Exchange.

To view the whole press release, click here.