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Excelsior Mining Announces Extension of Nebari Loan and US$5,500,000 Financing
Strong Support with Extension and Funding Provided by Three Major Stakeholders Provides Liquid...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Announces Extension of Nebari Loan and US$5,500,000 FinancingStrong Support with Extension and Funding Provided by Three Major StakeholdersProvides Liquidity and Reduces Future Interest Obligation Under the LoanPhoenix, Arizona--(Newsfile Corp. - November 30, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. (\"Excelsior Arizona\") has agreed with Nebari Natural Resources Credit Fund I LP (\"Nebari\") to extend the maturity date of its existing $15 million credit facility to June 30, 2026. In addition, the Company has entered into agreements for a $5.5 million financing (the \"Financing\") with Greenstone and Triple Flag. All dollar amounts in this press release are in United States dollars.Dr. Stephen Twyerould, President & CEO of Excelsior commented: \"We are very pleased with the support from Nebari, Greenstone and Triple Flag for the execution of the Company's development and operating strategy. The loan extension and funding will allow Excelsior the runway to advance the Nuton Option on the Johnson Camp Mine and complete the preparation for the well stimulation program.\"Credit Agreement ExtensionThe Company, Excelsior Arizona and Nebari have entered into a Third Amendment to the Amended and Restated Credit Agreement (the \"Third Amended ARCA\"). The Third Amended ARCA provides for the extension of the maturity date of the existing $15 million credit facility to June 30, 2026 (the \"Extension\"). Nebari has also agreed to reduce the interest rate (the \"Rate Reduction\") to 10.5% plus a rate supplement (the \"Rate Supplement\") equal to the greater of (i) the forward-looking secured overnight financing rate (administered by CME Group Benchmark Administration Limited or a successor administrator) for a tenor of 3 months and (ii) 1.50%.As consideration for the Third Amended ARCA as it relates to the Extension and Rate Reduction, subject to Toronto Stock Exchange approval, the Company is required to issue common shares of the Company (\"Common Shares\") to nominees of Nebari in a number equal to US$1,050,224, converted to Canadian dollars at an exchange rate equal to the average market rate posted by the Bank of Canada for the 5 days preceding the issuance, divi...