Silver Bear Resources amends loan with two lenders

By Mary-Katherine Stinson

Lexington, Ky., Jan. 20 – Silver Bear Resources plc has amended its existing loan with JSC Prognoz, a wholly owned subsidiary of the company, and SKA Assets Management Ltd. to extend the maturity and increase the interest of its C$12.82 million equivalent facility, according to a press release Thursday.

The amendments, which were effective Jan. 1, extend the maturity of the loan to Dec. 31, 2022 from Dec. 31, 2021 and increase the interest rate to 10.27% from 8.27% per year.

The refinancing will provide Silver Bear with bridge financing to complete the flotation upgrade to process primary sulphide ores and provide cash to anticipate the upcoming intensive winter road purchasing for the Mangazeisky silver project, said Vadim Ilchuk, president and CEO.

The SKA loan amendment has received conditional approval from the Toronto Stock Exchange.

SKA is indirectly owned by Sergey Kolesnikov, a major shareholder of Inflection Management Corp. Ltd., which is a major shareholder of Silver Bear.

Toronto-based Silver Bear evaluates, acquires, explores and develops silver properties in the Russian Federation.

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