- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
VVC Exploration Enters $4 Million Loan Agreement, Details Timeline for Samalayuca Pilot Mine
VVC Exploration Corporation (TSXV:VVC) reported that its wholly owned subsidiary, Camex Mining Development Group Inc. signed a loan agreement with Aeris Trading Corp. for a loan of up to US$4 million. The loan agreement has been conditional accepted for filing by the TSX Venture Exchange, and will provide funds for the completion of the permit and mine planning process on the Samalayuca project. VVC also detailed projections for the Samalayuca pilot mine.
VVC Exploration Corporation (TSXV:VVC) reported that its wholly owned subsidiary, Camex Mining Development Group Inc. signed a loan agreement with Aeris Trading Corp. for a loan of up to US$4 million. The loan agreement has been conditional accepted for filing by the TSX Venture Exchange, and will provide funds for the completion of the permit and mine planning process on the Samalayuca project. VVC also detailed projections for the Samalayuca pilot mine.
As quoted in the press release:
The loan is for US$2 million initially but can be extended to US$4 million, once mining permits for the Samalayuca Copper Project are received. The first $250,000 will be provided to Camex at the earlier of one month following the final signoff of all documents after receipt of the TSXV acceptance, or September 30, 2014. Subsequent draw-downs will be limited to $500,000 per month thereafter up to US$2 million. Interest on the loan is set at 12% per annum, with the first year’s interest prepaid. The loan is for a maximum of 5 years and requires that one half of the revenue to be received from the Samalayuca Copper pilot mining project be used for loan repayment until the loan is paid in full. In addition, for each $500,000 drawn-down, VVC has agreed to provide to the Lender with 1,000,000 shares of common shares of VVC and 2,000,000 share purchase warrants expiring in 5 years, aggregating 8,000,000 shares and 16,000,000 warrants if the full $4 million is received. The exercise price of the warrants is $0.08 per share for the first 2 years and $0.12 per share for years 3 through 5.
Highlights from VVC’s timeline projections for the Samalayuca Project over the next 12-15 months are:
Stage 1: August 2014 – November 2014
Land Use Change Approval first by the Advisory Committee (Advisory Committee approved on July 17 and recently by the Regional Director of CONAP (Division of Mexico’s Environmental Agency that governs Land Use Designation). The National Director of CONAP in Mexico City has said publicly that if the Advisory Committee approved he would also. All of the necessary documentation has been submitted and is pending review by the Director of CONAP in Mexico City
Request for Permits to be filed in September (agency is required to answer in 60 days)
Drilling for pit definition to begin in September
Stage 2: December 2014 – April 2015All land use changes and permits are expected to be approved and project preparation for pilot production is to begin.
Final drilling for the first open pit mine will be completed.
Construction of roads, heap leach pad, lab, recovery facility, and office should be completed
Stage 3: May 2015 – August 2015Previously mined ore stockpiled on surface to be placed on heap leach pad
Production of 50,000 tons of ore per month begins (500,000 lbs of copper).
First project cash flow in June/July 2015.
VVC Exploration President, Jim Culver, said:
We are very pleased that with TSXV’s acceptance, VVC has been able to complete this loan facility. This loan, in conjunction with the ongoing private placement, will provide the Company with funding to advance the Samalayuca Copper project to pilot production. VVC expects this pilot mining operation to allow the Company to be cash flow positive from copper production revenue from the Company’s Samalayuca Copper project in the next 12-15 months.
Click here to read the VVC Exploration Corporation (TSXV:VVC) press release
Latest News
VVC Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â