Imperial Announces New $50 Million Credit Facility
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 19, 2015) - Imperial Metals Corporation (TSX:III) reports it has completed a new $50 million revolving second lien secured credit facility ("the Credit Facility") with the Bank of Montreal maturing on April 1, 2017. The terms and conditions of the Credit Facility are modelled after the $200 million senior secured credit facility completed by the Company on March 12, 2014, adjusted to reflect the second lien. Edco Capital Corporation ("Edco"), a company controlled by Mr. N. Murray Edwards, a significant shareholder of the Company, has guaranteed the Credit Facility. As consideration for the guarantee Edco will receive an annual fee of 2% of the loan amount payable monthly.
The Credit Facility will provide additional liquidity for the commissioning and startup of the Red Chris Mine and for general working capital purposes. Furthermore, the borrowing costs, including the guarantee fee, will be substantially less than the other credit facilities available to the Company.