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Imperial Metals Corp T.III

Alternate Symbol(s):  IPMLF

Imperial Metals Corporation is a Canada-based exploration, mine development and operating company. The Company’s holdings include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). The Company also holds a portfolio of about 23 greenfield exploration properties in British Columbia. The Mount Polley copper/gold mine in south-central British Columbia is owned 100% by Mount Polley Mining Corporation, a wholly owned subsidiary of the Company. The property encompasses about 24,096 hectares (ha) consisting of seven mining leases and 52 mineral claims. The Huckleberry copper mine in west-central British Columbia is 100% owned by Huckleberry Mines Ltd., a wholly owned subsidiary of the Company. The property encompasses about 25,767 ha, consisting of two mining leases and 49 mineral claims. Red Chris Development Company Ltd., a subsidiary of the Company, owns a 30% beneficial interest in the Red Chris copper/gold mine in northwest British Columbia.


TSX:III - Post by User

Bullboard Posts
Post by impeon Jan 20, 2015 12:09pm
150 Views
Post# 23339529

Imperial Announces New $50 Million Credit Facility

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.


Bullboard Posts