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Rubicon Minerals Corp. (TSX:RMX,OTC Pink:RBYCF) released an update on its US$50-million secured loan agreement with CPPIB Credit Investments Inc., a subsidiary of the Canada Pension Plan Investment Board.
Rubicon Minerals Corp. (TSX:RMX,OTC Pink:RBYCF) released an update on its US$50-million secured loan agreement with CPPIB Credit Investments Inc., a subsidiary of the Canada Pension Plan Investment Board.
As quoted in the press release:
As is customary in borrowings of this nature, the terms of the Loan Agreement contained multiple covenants relating to Rubicon and the Phoenix Gold Project (the “Project“) including a covenant that Rubicon process an average of 875 tonnes per day over a period of 60 consecutive days by February 12, 2016. The Company has not been able to achieve this and therefore, this breach will become an event of default under the loan unless remedied within 30 days. CPPIB has advised the Company of its position with respect to asserting certain other events of default and has reserved its rights and remedies under the Loan Agreement. However, CPPIB has indicated on February 11, 2016 to Rubicon that it is supportive of the process of evaluating strategic alternatives undertaken by the Company and that CPPIB has no current intentions to exercise any rights or remedies.
Click here to read the full Rubicon Minerals Corp. (TSX:RMX,OTC Pink:RBYCF) press release.