Alphamin Resources draws another $25 million under credit facility

By Susanna Moon

Chicago, Oct. 4 – Alphamin Resources Corp. has met the conditions required to draw another $25 million under its $80 million credit facility.

The drawdown brings the total amount drawn under the facility to $60 million, according to a press release.

The funds will be used for development of the company’s Bisie tin project in the Democratic Republic of Congo.

The remaining $20 million will be drawn in December.

As reported Nov. 13, 2017, Alphamin arranged an $80 million five-year senior secured term credit facility with lenders Sprott Private Resource Lending (Collector), LP, Barak Fund SPC Ltd. and Tremont Master Holdings and will settle in two tranches. The first $10 million tranche settled right away.

The loan will bear interest at a floating rate equal to the sum of 14% plus the greater of Libor and 100 basis points, the company previously said.

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

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