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Klondex Mines Ltd. (TSX:KDX,OTCQX: KLNDF) has repaid all short-term debt, including C$2.4mm in bridge loans issued in July and C$1.65mm debt issued in 2010, using proceeds from the recent financing and monies received from shipments of mineralized material.
As quoted in the press release:
The retired debt includes C$2.4mm in bridge loans issued in July and C$1.65mm debt issued in 2010, all of which were to mature on November 30, 2013.
Unsecured debt of C$7mm, issued in November 2012, is due in January 2015.
Klondex Mines President and CEO Paul Huet said:
Monetizing the mineralized materials generated from recent testing, coupled with the $19.45mm financing, allowed us to pay off the short-term debt. We are left with a stronger balance sheet reflecting a comfortable level of both debt and cash as we continue to develop Fire Creek.
Click here to read the Klondex Mines Ltd. (TSX:KDX,OTCQX:,KLNDF) press release
Click here to see the Klondex Mines Ltd. (TSX:KDX,OTCQX:,KLNDF) profile.