they are still interested in DM's project. cheers, dave.
Duluth Metals Limited announces closing of US$10 million loan financing with Antofagasta Minerals S.A.
| 01 Oct 2012 16:30 ET |  |
CNW Group
Duluth Metals Limited ("Duluth Metals" or the "Company") (TSX: DM) (TSX: DM.U) is pleased to announce that it has closed a US$10,000,000 loan financing with Antofagasta Minerals S.A. (a subsidiary of Antofagasta plc) pursuant to the terms of a participation agreement (the "Participation Agreement") relating to the Twin Metals Minnesota LLC joint venture (the "Joint Venture"). The loan proceeds have been invested in the Joint Venture as the Company's share (35%) of a capital call and will ultimately be repayable in cash, the Company's shares or offset against the exercise price of the option (granted to Antofagasta plc) to acquire from the Company an additional 25% interest in the Joint Venture at an exercise price calculated on the basis of a formula as a pro rata share of the net asset value of the Joint Venture project determined by a full feasibility study. Concurrently, Antofagasta has invested $18,600,000 into TMM as their share (65%) of the capital call.