Coalspur Mines Secures $350 Million Debt Facility for Vista Project

Coalspur Mines Limited (ASX:CPL,TSX:CPT)  announced that it has arranged for a senior secured debt facility of up to US$350 million, which is intended to fund Stage one development of their Vista Coal Project .

As quoted in the press release:

With the majority of Vista Stage 1 funding secured and the coal marketing and off-take rights retained, Coalspur has preserved Vista’s strategic value for shareholders. Coalspur will continue to advance joint venture, marketing and off-take arrangements with interested parties to secure the remaining funding for Vista. These discussions will be given further impetus by the continued development of Vista, the expected satisfaction of further development milestones and the support of EIG, and Coalspur’s major shareholder Borrowdale Park.

Coalspur’s President and CEO, Gill Winckler said:

Coalspur has achieved a major milestone in entering into these agreements for the majority of funding for the first stage of Vista. The increased level of the Facility as well as the flexibility that has been afforded the Company by EIG reflects their belief in Vista. EIG is an astute investment group with an excellent track record and their support for Vista, along with the continued support of our major shareholder, Borrowdale Park, will enable us to begin construction activities, as planned, in the coming months.

To view the whole press release, click here.