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Trevali Mining Corporation (TSX:TV,OTCQX:TREVF,FWB:4TI) announced that all legal documentation has been finalized, and the $30-million of funding associated with its previously announced $60-million senior debt and prepaid precious metals facility with RMB Resources has closed. With the closing of the initial funding facility, Trevali will commence its reactivation program and associated studies in the Bathurst Mining Camp of New Brunswick aimed at recommencing operations at the Caribou Mill and Mine complex and at the Halfmile Mine in 2014.
Trevali Mining Corporation (TSX:TV,OTCQX:TREVF,FWB:4TI) announced that all legal documentation has been finalized, and the $30-million of funding associated with its previously announced $60-million senior debt and prepaid precious metals facility with RMB Resources has closed. With the closing of the initial funding facility, Trevali will commence its reactivation program and associated studies in the Bathurst Mining Camp of New Brunswick aimed at recommencing operations at the Caribou Mill and Mine complex and at the Halfmile Mine in 2014.
This mezzanine-tranche of the facility is repayable on the earlier of June 30, 2014, or closing of the final $60-million senior debt facility. The facility bears interest of LIBOR + 8.5% per annum and has an arrangement fee of 5% and 3,000,000 warrants to purchase Trevali common shares on the TSX exercisable at any time through June 30, 2015 at an exercise price of $1.05 per share, subject to TSX approval.
Trevali President and CEO Dr. Mark Cruise said:
Given the challenging commodity and equity markets, we are very happy to close this initial $30-million funding from RMB and start the reactivation program on our New Brunswick production projects.
Click here to read the Trevali Mining (TSX:TV,OTCQX:TREVF,FWB:4TI) press release
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