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Amerigo Resources Ltd T.ARG

Alternate Symbol(s):  ARREF

Amerigo Resources Ltd. is a Canada-based copper producer. The Company owns a 100% interest in Minera Valle Central S.A. (MVC), a producer of copper concentrates. MVC, located in Chile, has a long-term contract with the El Teniente Division (DET) of Corporacion Nacional del Cobre de Chile (Codelco) to process fresh and historic tailings from El Teniente. The Company operates in one segment, the production of copper concentrates under a tolling agreement with DET.


TSX:ARG - Post by User

Bullboard Posts
Post by torpedoe21on May 06, 2016 10:34pm
303 Views
Post# 24850150

tranche b is 9 million....

tranche b is 9 million....VANCOUVER, BRITISH COLUMBIA – March 26, 2015/Amerigo Resources Ltd. (TSX:ARG) (“Amerigo” or the “Company”) announced today that Amerigo has now closed the bank syndicate financing (the “Bank Facility”) with Banco Bilbao Vizcaya Argentaria (“BBVA”) and Export Development Canada (“EDC”) for the Cauquenes expansion as announced in the Company’s March 19, 2015 press release. Initial funding of $23.6 million from the $64.4 million Tranche A construction portion of the facility and approximately $760,000 in Chilean pesos from the $9 million Tranche B “IVA” (value added tax) loan is expected to be received by Minera Valle Central S.A. (“MVC”), Amerigo’s operating subsidiary in Chile, before the end of the week. Dr. Klaus Zeitler, Amerigo's Chairman and CEO, stated “We are pleased to announce closing of the Bank Facility agreement on what we consider to be very favorable terms for the Company. Terms of the Tranche A portion of the loan include interest at a fixed rate of 6.11% during construction and 5.86% thereafter for 75% of the facility. The remaining 25% of the Tranche A facility is subject to a variable rate based on the US Libor 6 month rate, which at today’s rate would be 4.15% during construction and 3.90% thereafter. The Tranche A facility has a maximum repayment term of 5 years commencing in 2016 that may be shortened without penalty in accordance with the provisions of the agreement. The Tranche B Portion of the Loan will bear interest at a variable rate, which today would be 5.47% per annum, with all principal and interest payable on or before June 30, 2016”. Dr. Zeitler continued “I would like to take this opportunity to thank BBVA and EDC for
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