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Braveheart Amends Concentrate Offtake Agreement and Stockpile Financing Facility for Bull River Mine Project
Calgary, Alberta--(Newsfile Corp. - October 21, 2022) - Braveheart Resources Inc. (TSXV: BHT)...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Amends Concentrate Offtake Agreement and Stockpile Financing Facility for Bull River Mine ProjectCalgary, Alberta--(Newsfile Corp. - October 21, 2022) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (FSE: 2ZR) (\"Braveheart\" or the \"Company\") is pleased to announce that it has amended its Concentrate Offtake Agreement (the \"Agreement\") and Stockpile Financing Facility (the \"Facility\") with Ocean Partners UK Ltd. (\"Ocean\") effective October 1, 2022.Further to its press releases dated March 17, 2021, April 21, 2021 and December 7, 2021, the Facility provides Braveheart with access of up to US$3,500,000 which can be used for capital expenditures at the Bull River Mine project (\"Bull River\") including plant commissioning and general working capital purposes. To-date the Company has drawn US$1,000,000 from the Facility. Subsequent draws from the Facility are subject to the Company meeting certain conditions precedent including receipt of an operating permit to dispose of tailings, completion of an equity raise to cover any remaining capital requirements to bring Bull River into production and commencement of milling of the surface stockpile.Previously on December 7, 2021, the Company amended the Facility with Ocean such that the maturity date under the Facility was extended to September 30, 2023, or such earlier date if the Company is in default of the conditions under the agreement. The Company further agreed that should it not be in receipt of an operating permit to dispose of tailings by September 30, 2022, the US$1,000,000 loan previously drawn from the Facility was due and payable. Prior to September 30, 2022, the Company notified Ocean that it had not yet received permits to restart Bull River. Under the newly amended terms the parties have agreed to extend the date for repayment of monies drawn from the Facility from September 30, 2022 until March 31, 2023. Interest on any monies drawn from the Facility has been increased from 12-month LIBOR plus 8.75% to 12-month LIBOR plus 10.25%. Should permits to restart Bull River not be received by March 31, 2023, principal and interest from the loan will be due and repayable. There is no penalty for the Company to repay monies owed at an earlier date.As per the Agreement, Braveheart has committed to deliver 45,000 wet metric tonnes of copper concentrate from...