Alphamin unit changes debt repayment schedule after Covid-19 impact

By Devika Patel

Knoxville, Tenn., March 16 – Alphamin Resources Corp.’s 80.75% subsidiary Alphamin Bisie Mining SA has exercised its option with senior lenders to defer debt capital repayments, according to a press release.

The recent coronavirus outbreak is having an impact on global commodity prices, the release stated.

ABM may, at its option, amend quarterly debt capital installments of approximately $8.17 million commencing at the end of March, to a deferred monthly capital instalment schedule, which it has opted to do.

The revised principal and interest instalment schedule provides for ongoing monthly payments of $1.3 million (interest only) to the end of June 2020 and, from the end of July 2020, a monthly fixed debt capital installment of approximately $2.72 million over 36 months, plus interest, which will initially be $1.3 million per month.

The result is a reduction of approximately $16.34 million in debt capital repayments for the 2020 financial year.

The exercise of the option gives Alphamin the opportunity to strengthen its working capital position prior to beginning debt capital repayments. The lenders were paid a $400,000 fee to exercise the option.

The gold, silver and polymetallic explorer is based in Vancouver, B.C.

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