Silver Bear amends facilities to add tranche G loan, reduce interest

By Sarah Lizee

Olympia, Wash., Sept. 18 – Silver Bear Resources plc amended its existing facilities agreement with Inflection Management Corp. Ltd. and AB Aterra Resources Ltd. affiliate Unifirm Ltd. to provide for a new $8 million tranche G term loan facility, extend the maturity dates of the existing facilities and reduce the interest rate, according to a press release.

The new tranche will be made available to the company by Inflection in two sub-tranches, which are expected to be used to fund Silver Bear’s working capital requirements for the remainder of 2018, and which will mature and become repayable on July 31, 2021.

The existing $20 million tranche F term loan was extended to Sept. 20, 2022 from Sept. 20, 2020. Facilities other than the tranche F and tranche G loans were extended to March 20, 2023 from March 20, 2022.

Interest was reduced to 10% from 15% per year.

Inflection Management and Aterra are both majority shareholders of the company.

Silver Bear is a Toronto-based company that engages in the acquisition, exploration, evaluation and development of silver properties in Russia.

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