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Altaley Finalizes US $12 Million Accendo Banco Loan Agreement
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2021) - Altaley Mining Corporation (TS...
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[{"type":"text","content":"Altaley Finalizes US $12 Million Accendo Banco Loan AgreementVancouver, British Columbia--(Newsfile Corp. - July 22, 2021) - Altaley Mining Corporation (TSXV: ATLY) (OTC Pink: ATLYF) (FSE: TSGA) (\"Altaley\" or the \"Company\") is pleased to announce that the Company has executed a US $12 million loan facility agreement with Accendo Banco S.A. Institucion de Banca Multiple (\"Accendo\") to complete the final part of it's previously announced US $25 million Accendo Syndicate Funding plan providing a fully funded solution to complete the construction and ramp-up of Telson's 100% owned Tahuehueto Gold Mine project (\"Tahuehueto\"). The closing of the Accendo Mid-Term Loan Facility, to be drawn down by Altaley in stages with first disbursement of US $3.2 million received July 19th, 2021, also triggers a 2nd and final advance payment of US $3 million under the Empress Royalty Corp. silver streaming agreement. See press release dated February 23rd, 2021.\"Closing this Accendo Mid-Term Loan Facility Agreement, the final part of the Accendo Syndicate financing triggering the 2nd tranche of the Empress Royalty Silver Stream completes our planned capital raise, providing the pathway to finalize our construction program at our flagship Tahuehueto Gold Mine Project. Tahuehueto's construction program is in full swing and making excellent progress and closing this Accendo loan agreement allows Altaley to accelerate construction, with the goal of allowing Tahuehueto to achieve initial pre-production near the end of 2021,\" states Ralph Shearing, CEO. \"On behalf of the Company and our shareholders, I want to thank our funders and partners, Accendo, Empress Royalty, private placement investors, Trafigura, Nyrstar and Estratégica for everyone's outstanding effort to achieve the closing of the US $25 million Accendo Syndicate financing.\"About the Accendo Mid-Term Loan FacilityLoan AmountUS $12 million (US $500K previously advanced)Interest Rate13.5%Arrangement Fee2.5%Commitment Fee2.5%Term4 years (including 1 year grace period)Repayment36 equal monthly paymentsSecond security ranking over all Tahuehueto's assets Listen to Altaley CEO, Ralph Shearing discuss this agreement with Proactive Investors https://youtu.be/ct1GJg9nGQ4 ALTALEY MINING TO HOST LIVE INVESTOR WEBINAR ON THURSDAY, JULY 27TH AT 2PM ETAltaley Mining is pleased to announ...