Business
Imperial Metals Repays Debt
VANCOUVER, British Columbia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) confirms that it has received the sales pro
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) confirms that it has received the sales proceeds of approximately US$775 million related to the sale of a 70% interest in the Red Chris mine as announced on August 15, 2019. Proceeds from the sale transaction were utilized to repay debt as follows: Senior secured revolving credit facility of $200 million Second lien secured revolving credit facility of $50 million Secured bridge loan of $26 million Unsecured junior credit facility of $75 million Unsecured convertible debentures (2014) of $115 million Unsecured convertible debentures (2015) of $30 million Unsecured line of credit of $10 million Certain equipment loans of about $1.7 million Senior unsecured notes of US$325 million Subsequent to repayment of this debt the Company’s remaining obligations will be a 30% share of Red Chris Joint Venture equipment loans and obligations related to the Northwest Transmission Line that are liabilities of the Red Chris Joint Venture. About Imperial Imperial is a Vancouver exploration, mine development and operating company. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 48% interest in the Ruddock Creek lead/zinc property. Company Contacts Brian Kynoch | President | 604.669.8959Andre Deepwell | Chief Financial Officer | 604.488.2666Sabine Goetz | Shareholder Communications | 604.488.2657 | [email protected] FORWARD-LOOKING STATEMENTS & RISKS NOTICE Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding the Company’s remaining obligations. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in ...