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Almonty Announces the Execution of an Amended and Restated Loan Agreement with Unicredit Bank AG
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX:AII) (the “Company”) is pleased to announce that it has entered into an Amended and Restated Loan Agreeme
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX:AII) (the “Company”) is pleased to announce that it has entered into an Amended and Restated Loan Agreement with Unicredit Bank AG (the “Restated Term Loan”). The Company has restructured its existing debt with the Unicredit Bank AG such that the existing Term and Revolving loans with a total principal amount of approximately US$13.7 million will be rolled into a new, Restated Term Loan with a principal amount of US$15,650,000. The Restated Term Loan will bear interest at the prevailing Libor rate plus 1.5%, with interest payable quarterly and with principal repayable at maturity. The maturity date for the Restated Term Loan will be September 30, 2020 with the ability to extend the loan maturity date each year over a three-year period to September 30, 2023. The restructuring of the Unicredit debt was completed in preparation for the Project Financing Loan being arranged by the KfW-IPEX Bank (the “Project Lender”) for the re-opening of the Company’s 100%-owned Sangdong Mine in South Korea. Almonty’s President, Chairman and CEO, Mr. Lewis Black, commented: “We are pleased to announce the execution of the Restated Term Loan Agreement with Unicredit Bank AG. The Agreement and consequent long-term restructuring of the existing Unicredit debt is integral for Almonty to close the pending KfW financing for the development of the Sangdong Project.” About Almonty The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in ...