Rubicon Minerals extends C$12 million loan facility by a year to 2021

By Devika Patel

Knoxville, Tenn., June 1 – Rubicon Minerals Corp. has extended the maturity of its C$12 million secured loan facility with Sprott Private Resource Lending (Collector), LP by one year to Dec. 31, 2021, according to a press release.

As of June 1, the outstanding principal under the loan is C$14.2 million, reflecting accrued, deferred and capitalized interest on the principal, offset by a nominal prepayment of principal.

The interest rate will remain at 5% per annum until Dec. 31, 2020 and thereafter will increase in two increments, resulting in an average interest rate to maturity of 9% per annum.

Based in Toronto, Rubicon is a gold producer.

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