Business
Rogue Stone Update: Secured $1.4M Equipment Financing led by Leading Equipment Finance Group
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES Identified ...
About this update from Clean Energy Transition Inc.
[{"type":"text","content":"Rogue Stone Update: Secured $1.4M Equipment Financing led by Leading Equipment Finance GroupNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICESIdentified and secured 8 pieces of equipment to operate the Bobcaygeon and Orillia quarries.The fleet is a mix of low hour used and new equipment.7 pieces of Caterpillar equipment, to be acquired through Toromont Cat with financing through a leading Equipment Finance Group.Lower-cost, lease arrangements shifts from the base case of renting a majority of the required fleet.The leases range from 40 to 60 months and average a 4% Interest Rate.TORONTO, ON / ACCESSWIRE / March 4, 2020 / Rogue Resources Inc. (TSXV:RRS) (\"Rogue\" or the \"Company\") is pleased to announce it has a secured equipment financing for its fleet of heavy equipment to operate its Bobcaygeon and Orillia (targeted to be acquired in March) quarries in its Limestone business, referred to as \"Rogue Stone\".Working closely with Toromont Cat (a business unit of Toromont Industries TSX:TIH), Rogue Stone has identified the optimal equipment to achieve the quarries permitted production rate and has agreed acquisition terms and negotiated financing through an Equipment Financing Group. Rogue Stone will take delivery of the equipment over the coming weeks which will facilitate the preparation and production ramp-up for the spring sales season. The Equipment Finance Group will hold security on the equipment throughout the period of the leases and this will not interfere with the security related to the New Debt Financing announced last week (see further detail in the February 25, 2020 news release).\"A key component of developing Rogue Stone into a predictable and profitable business is to make sure that both quarry operations are properly resourced\", said Sean Samson, President and CEO of Rogue. \"We plan to get the right equipment and staff into both quarries and then we can continue to safely and efficiently growing our production, ready for the spring demand.\"Rogue comment regarding \"Companion Policy 43-101CP, 4.2(6) - Production Decision\" The work completed on both the Bobcaygeon and Orillia Quarries is, at this stage, preliminary in nature and the limited drill data and exploration work are too speculative geologically to have economic considerations applied to them that would enable them to be c...