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Ares Strategic Mining Inc. Announces US$10MM Lease Financing for its Plant and Equipment Purchases at its Fluorspar Mining Operation
(TheNewswire) - Leasing facility will cover all expected ...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Inc. Announces US$10MM Lease Financing for its Plant and Equipment Purchases at its Fluorspar Mining Operation\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Leasing facility will cover all expected equipment\nand plant costs associated with the expanded Utah mining operation.\n \n \n \n \n - Upgraded production capacity plans require crushing\ncircuit, flotation processing plant, and heavy mining equipment\npurchases, which will all be covered by the new arrangement.\n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire\n-\n \n \n November 4\n \n \n th\n \n \n , 2020 -- Ares\nStrategic Mining Inc. (\"Ares\" or the \"Company\")\n(TSXV:ARS) (OTC:ARSMF) (FRA: N8I1), is pleased to announce that the\nCompany has signed a US$10MM equipment leasing arrangement with\nSertant Capital, LLC.\n \n \n \n \n Ares intends to execute a 36-month leasing arrangement,\nduring which the Company will purchase its flotation plant, heavy\nmachinery and vehicles, crushing circuit, and bagging facility. The\nleasing arrangement will finance 90% of all equipment costs, with the\nCompany being responsible for paying 10% of the leasing facility.\n \n \n \n \n James Walker, President and CEO of the Company said,\n\"This is a major development for the Company towards its mining\noperation and production plans. Getting the leasing arrangement in\nplace will mean we can concentrate our efforts on completing the\nexpanded mine plan and metallurgy, and then immediately begin\nequipment acquisitions. The mine is already fully permitted, so the\ndelivery of the equipment to site will be the final stage before\noperations can commence. We have a 500 ton/day operation planned, and\na demand which outstrips our supply. The Company and its staff are\nexcited to be supplying North American industry with its the first\ndomestically produced fluorspar in years, and to operate as the only\npermitted and producing fluorspar mine in the entire U.S.\"\n \n \n \n \n In addition to the equipment financing arrangement, the\nCompany will complete a non-brokered private placement to advance its\nU.S. operations, for the amount (the \"Offering\") of\napproximately 2,520,000 units (\"Units\") at a price of $0.25\nper Unit for gross proceeds of approximately $630,000. Each Unit shall\nconsist of one common share...