RE:RE:New Press Release - Almonty to Receive 7th and Penultimate 8th Drawdowns from KfW IPEX-Bank for Ongoing Construction of the Sangdong Tungsten Mine5ilverlining808 wrote: If I count the numbers rightly :
Original loan of US$75.1 million minus the US$66.5 million already spent, then add the 7th and 8th drawdown of US$ 10.6 million puts us at US$2 million over budget.
So what...if the bank is happy with that them there are zero problems and the trust is still there.
KfW is hard to please, so I think they are more than impressed with the way Lewis does business, and future loans for other projects should slide though very smoothly.
Will the Moly plant be financed by KfW or a South Korean bank ???
plus who will finance the other projects ???
If it is a SK bank then they only have to look at the dealings that Lewis has made with KfW.
Toronto – December 7, 2020 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the execution of the Facility Agreement (loan agreement) and the Completion Agreement with KfW-IPEX Bank GmbH for the US$75.1 million project financing for its wholly-owned Sangdong Mine located in South Korea. In addition, the Company also announces the execution of a US$20 million Cost Overrun (“COG”) guarantee and the US$9.8 million Debt Service Reserve Account (“DSRA”) guarantee as required for the completion of the project financing and both provided by the Plansee Group. The US$20 million COG guarantee is an instrument in case of any cost overrun during the build and is in addition to the contingency already contained within the project finance budget. The US$9.8 million DSRA guarantee covers part of the required US$24 million equity raise required by the Company, leaving US$14.1 million of equity to be raised by the Company as the final material Conditions Precedent. The condition of the Plansee Group providing the COG and the DSRA guarantees to the Company, and in order to become the largest shareholder, Plansee Group will acquire a portion of Lewis Black’s stock in Almonty, as well as join the board of directors of the Company. The Company will now move to the closing of the Project Financing issuance of drawdown. Almonty’s Chairman, President and CEO Lewis Black commented: