Sprott already refinanced debt due December 31st it has agreed with Sprott Resource Lending Partnership ("Sprott") and Morgan Stanley Capital Group Inc. ("Morgan Stanley") to re-finance its existing $13 million credit facility (redenominated into USD at the prevailing CAD/USD Bank of Canada noon rate on the date prior to execution of the credit facility) for a term of eleven months.
The new credit agreement is effective as of February 2, 2015 until December 31, 2015. Interest remains payable at the rate of 9% per annum, with payment of the principal amount outstanding to be made at the end of the term. In consideration of the re-financing, the Company will pay a bonus to Sprott, the Administrative Agent under the credit facility, in the amount of CDN$130,000.
Timmins still adding capital expenditures while still looking to to find better spot to mine to reverse operating losses.