By Devika Patel
Knoxville, Tenn., Jan. 4 – SilverCrest Metals Inc. reported that its Canadian subsidiary entered into a $120 million secured project financing facility with an affiliate of RK Mine Finance on Dec. 31, according to a press release.
The credit facility consists of an initial 25% drawdown completed at closing, with access to additional drawdowns upon the company satisfying certain customary conditions with an availability period of up to 20 months.
The loan is due in four years and bears interest at Libor plus 695 basis points with a 1.5% Libor floor.
The facility may be prepaid at any time with a prepayment fee ranging from 1.5% to 4%.
Proceeds will fund the construction of the Las Chispas Project, but up to $30 million of the facility may be used for exploration and acquisitions within Sonora, Mexico.
The metals explorer is based in Vancouver, B.C.
Issuer: | SilverCrest Metals Inc.
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Issue: | Secured project financing facility
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Amount: | $120 million
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Maturity: | Dec. 31, 2024
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Coupon: | Libor plus 695 basis points with a 1.5% Libor floor
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Investor: | RK Mine Finance
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Settlement date: | Dec. 31
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Distribution: | Private placement
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