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Santacruz Silver Announces Short-Term Loan with Trafigura
Santacruz Silver Announces Short-Term Loan with Trafigura Santacruz Silver Announc...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Announces Short-Term Loan with Trafigura\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSantacruz Silver Announces Short-Term Loan with Trafigura\nCanada NewsWire\nVANCOUVER, Dec. 29, 2015\n\n\n\n\n \n \n \n\nTSX.V: SCZ FSE: 1SZOTCQX: SZSMF\n\n\n\n\nVANCOUVER, Dec. 29, 2015 /CNW/ - Santacruz Silver Mining Ltd. (\"Santacruz\" or the \"Company\") (TSX.V:SCZ) announces its subsidiary Impulsora Minera Santacruz S.A. de C.V. has entered into a short-term loan facility (the \"Loan\") with Trafigura Mexico, S.A. de C.V. (\"Trafigura\") in the principal amount of US$ 725,000.  The Loan bears interest at LIBOR plus a spread, payable monthly in arrears, with the principal to be repaid in six equal monthly installments commencing January 31, 2016.  The Loan has been secured by certain personal assets of a director and officer of the Company.\n\nIn connection with this personal guarantee of the Loan, the Company will issue 3,000,000 bonus warrants (the \"Warrants\"), subject to the approval of the TSX Venture Exchange.  The Warrants will have an exercise price of $0.15 per share and expire three years following the approval of the TSX Venture Exchange.\n\nMr. Préstamo stated: \"We have established a close relationship with Trafigura over the past year through concentrate offtake agreements.  This prepayment for future concentrate deliveries will assist us to continue to advance our operations at the Veta Grande Project.\"\n\nAbout Trafigura\n\nFounded in 1993, the Trafigura Group has become one of the world's leading independent commodity traders, specializing in the oil, minerals and metals markets. The company has achieved substantial growth in recent years, growing revenue to USD97.2 billion in 2015. Primary trading activities are the supply and transport of oil and petroleum products and metals and minerals. The trading business is supported by industrial and financial assets including global oil products distribution company Puma Energy; joint venture company DT Group; global terminals operator Impala; Trafigura's Mining G...