Alloycorp Mining Extends Loan Facilities with Resource Capital Funds

Alloycorp Mining Inc. (TSXV:AVT) announced that it’s entered into agreements aimed at extending the maturity dates of its existing loan facilities with Resource Capital Funds.

As quoted in the press release:

Specifically, the agreements extend the US$50 million bridge loan facility dated November 18, 2014, among the Company, Avanti Kitsault Mine Ltd. (“Avanti Kitsault”) and Resource Capital Fund VI L.P. (“RCF VI”), the US$50 million preconstruction loan facility dated December 19, 2013 and amended on December 31, 2014, among the Company, Avanti Kitsault and RCF VI and the US$20 million bridge loan facility dated July 12, 2013 and amended on December 31, 2014, among the Company, Avanti Kitsault, Resource Capital Fund IV L.P. (“RCF IV”) and RCF VI (together with RCF IV, “RCF”).

The extension agreements provide that the maturity date of each facility will be extended initially to July 31, 2015 and may be further extended in one month increments by RCF through and until December 31, 2015. No consideration will be payable by the Company to RCF in connection with the extensions and the extensions contain certain additional covenants of the Company.

Click here to read the full Alloycorp Mining Inc. (TSXV:AVT) press release.