Business
Strategic Minerals Europe Corp. Announces Execution of a Definitive Offtake Agreement and US$1.075 Million Loan Transaction
Strategic Minerals Europe Corp. Announces Execution of a Definitive Offtake Agreement and US$1.075 Million Loan Transaction.
About this update from Strategic Minerals Europe Corp.
[{"type":"text","content":"\n\n\n\nStrategic Minerals Europe Corp. Announces Execution of a Definitive Offtake Agreement and US$1.075 Million Loan Transaction\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\nStrategic Minerals Europe Corp. Announces Execution of a Definitive Offtake Agreement and US$1.075 Million Loan Transaction\nCanada NewsWire\nTORONTO, May 9, 2023\n\n\n\nTORONTO, May 9, 2023 /CNW/ - Strategic Minerals Europe Corp. (NEO: SNTA) (FRA: 26K0) (OTCQB: SNTAF) (\"Strategic Minerals\" or the \"Company\") today announced that it has entered into an offtake agreement with Traxys Europe S.A. (\"Traxys\") for its Penouta Project, located in the northwestern province of Ourense in Spain.\nTraxys is a leading merchant in the critical minerals space with a global footprint and has traded the Company's products over the past four years. The latest offtake contract includes an advance payment facility that showcases Traxys' confidence in the Company and continues to solidify an already very strong partnership between the two companies. In addition to providing the working capital required to ramp up production to the mine, the prepayment facility will assist Strategic Minerals to focus on further improving recoveries and therefore increase production further at its Penouta Project at a time when tin prices have recovered significantly from their Q4 2022 lows.\n\"This very competitive agreement reflects our success at optimizing our operations to achieve consistent production and quality. Traxys is a valued partner and has supported the Company since inception, and we are in broader discussions for further strategic cooperation initiatives with them,\" said Jaime Perez Branger, CEO of Strategic Minerals.\nThe Company is also pleased to announce that it, along with SMS (as defined herein), have entered into a loan agreement (the \"Term Loan\") with Jaime Perez Branger and Miguel de la Campa, both of whom are directors and executive officers of the Company (together, the \"Related Parties\"). The Term Loan provided by the Related Parties is in the aggregate principal amount of US$1.075 mi...