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Alphamin Resources Announces US$80 Million Credit Facility for Bisie Tin Mine Construction
GRAND BAIE, Mauritius, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (TSX-V:AFM) (“Alphamin” or “the Company”) has secured a credit facility of US$
About this update from Alphamin Resources Corp.
[{"type":"text","content":"GRAND BAIE, Mauritius, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (TSX-V:AFM) (“Alphamin” or “the Company”) has secured a credit facility of US$80 million from a syndicate of lenders for the construction of the Bisie Tin Mine (“the ABM project”) in the North Kivu Province of the Democratic Republic of the Congo. The ABM project, which is likely to become one of the most significant tin mines in the world, is expected to begin production in early 2019 with steady state production expected towards the end of the same year. Project debt funding now secured with credit agreement signed with a syndicate of lenders for an US$80 million credit facility Commitments received for 55 percent of the remaining total equity funding required to complete construction and final equity raise has commenced and targeted for completion this quarter Construction of the ABM project progressing well with the box cut for the underground portal now complete and the decline 50m underground and advancing into hard rock Project commissioning scheduled to commence early in 2019 and achieve steady state production before the end of 2019 A definitive credit agreement has been signed by Alphamin with Sprott Private Resource Lending (Collector), LP (“Sprott”), Barak Fund SPC Limited (“Barak”) and Tremont Master Holdings (“Tremont”) (collectively, the “lenders”) in respect of an US$80 million senior secured, non-revolving, term credit facility (the “credit facility”) to be provided to Alphamin’s 80.75 percent subsidiary, Alphamin Bisie Mining S.A. (“ABM”), as borrower, for the continued development of the ABM project. “We are very pleased that Sprott and Barak have committed to partner with our existing major shareholder, Tremont, to provide the debt financing needed for the ABM project, as a step in drawing the fund-raising process towards a close and delivering on our commitment to stakeholders to bring the ABM project into production,” said Boris Kamstra, CEO of Alphamin. “The ABM project is advancing and our team has made excellent progress in the construction of the mine and associated infrastructure. The completion of the box cut for the underground portal of the mine is another key risk mitigating milestone for the project. We’ve also received commitments for the majority of the remaining equity funding requirement, so we are excited to mov...