Alloycorp Announces Extension Of Loan Facilities
June 30, 2015
Toronto, Ontario: Alloycorp Mining Inc. (TSX-V: AVT) (“Alloycorp” or the “Company”) announced today that it has entered into agreements to extend the maturity dates of its existing loan facilities with Resource Capital Fund.
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. A copy of the extension agreements have been filed by the Company on www.sedar.com.
Alloycorp is a TSX-Venture listed company headquartered in Toronto with an operations office in Vancouver. Alloycorp’s strategy is to become the unique supplier of steel alloy metals. Cornerstone to this strategy is the development of the Avanti Kitsault project. Parallel to this, Alloycorp is seeking to grow through the acquisition of other assets with commodities that supply to the steel alloys industry.
For further information, please contact:
Shawn Howarth, Vice President, Corporate Development and Investor Relations, (416) 847-0376