Business
Silver Storm Advances Offtake Financing for Restart of La Parrilla Silver Mine Complex
Silver Storm Mining Ltd. (“ Silver Storm ” or the " Company ") (TSX.V: SVRS...
About this update from Silver Storm Mining Ltd.
[{"type":"text","content":"Silver Storm Advances Offtake Financing for Restart of La Parrilla Silver Mine Complex\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n Silver Storm Mining Ltd. (“\n \n Silver Storm\n \n ” or the \"\n \n Company\n \n \") (TSX.V: SVRS | OTC: SVRSF | FSE: SVR), is pleased to report the Company has made excellent progress towards securing debt and offtake-linked project financing proposals for the restart of operations at the past producing La Parrilla Silver Mine Complex (“\n \n La Parrilla\n \n ”), in Durango, Mexico.\n \n\n Silver Storm has received several non-binding proposals from leading trading houses for multi-year lead and zinc concentrate offtake agreements, as well as traditional debt providers. Each proposal includes an associated prepayment or structured finance facility to provide near-term funding for restart activities at La Parrilla.\n \n\n The proposals received to-date include:\n \n\n\n Financing facilities ranging from US$15 - US$17 million\n \n\n\n\n Duration of 36 - 48 months\n \n\n\n\n Annual interest rates based on SOFR 3-month rate\n \n 1\n \n + acceptable customary premium\n \n\n\n\n\n Note 1. Secured Overnight Financing Rate\n \n\n\n\n All proposals are subject to customary conditions precedent, including satisfactory due diligence, compliance and documentation, commercial offtake contracts for 100% of production during the facility tenor, acceptable pledge guarantees, and credit committee approval. There can be no assurance that definitive agreements for the financing facilities will be entered into and completed on terms which are acceptable or at all.\n \n\n\n About Silver Storm Mining Ltd.\n \n\n\n Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico. For more information regarding the Company and its projects, please visit our website at\n \n www.silvers...