🕐01.01.15 - 02:27 Uhr
ALLOYCORP MINING ANNOUNCES EXTENSION TO FACILITY MATURITY DATES
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Re: News Release - Wednesday, December 31, 2014
Alloycorp Mining Announces Extension to Facility Maturity Dates
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Toronto, Ontario: Alloycorp Mining Inc.
(TSX-V: AVT) ("Alloycorp" or
the "Company") announced today that it has entered into agreements to
extend the maturity dates of both the Amended and Restated Loan
Agreement dated July 12, 2013 (the "New Bridge Loan Agreement"), among
the Company, Avanti Kitsault Mine Ltd.
("Avanti Kitsault"), Resource
Capital Fund IV L.P.
("RCF IV") and Resource Capital Fund VI L.P.
("RCF
VI", and together with RCF IV, "RCF"), and the Loan Agreement dated
December 19, 2013 (the "Preconstruction Loan Agreement"), among the
Company, Avanti Kitsault and RCF VI (the "Extensions").
The terms of the Extensions provide that the scheduled maturity date of
the New Bridge Loan Agreement and the Preconstruction Loan Agreement
will be extended from December 31, 2014 to March 31, 2015, unless RCF,
in its sole discretion, elects to further extend the maturity date in
one month increments thereafter through and until June 30, 2015.
No consideration will be payable by the Company to RCF in connection
with the Extensions and the Company remains free to prepay all amounts
owing under the New Bridge Loan Agreement and the Preconstruction Loan
Agreement at any time.
The Extensions remain subject to final acceptance by the TSX Venture
Exchange.
About the Kitsault Molybdenum Project
The Kitsault molybdenum project ("Kitsault" or the "Project") is
located in the Nass Valley area, approximately 140 km north of Prince
Rupert, in British Columbia, Canada.
Alloycorp holds a 100% interest
in the Project through its wholly owned subsidiary, Avanti Kitsault.
Total investment into the Project will be approximately $1 billion.
Once developed, Kitsault is expected to become one of the largest
primary molybdenum producers globally, producing over 11,000 tonnes of
molybdenum and 1 million ounces of silver annually, over a 14-year mine
life.
About Alloycorp
Alloycorp is a TSX-Venture listed company headquartered in Toronto with
an operations office in Vancouver.
Alloycorps strategy to become the
unique supplier of steel alloy metals.
Cornerstone to this strategy is
the development of Kitsault.
Parallel to this, Alloycorp is seeking to
grow through the acquisition of other assets with commodities that
supply to the steel alloys industry.
For further information, please contact:
Shawn Howarth, Vice President, Corporate Development and Investor
Relations, (416) 847-0376
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains certain
forward-looking information concerning the business of Alloycorp.
All
statements, other than statements of historical fact, included herein,
including, without limitation, TSXV acceptance of the Extensions and
the anticipated production at Kitsault, are forward-looking statements.
These forward-looking statements are based on the opinions of
management at the date the statements are made and are based on
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events to differ materially from
those projected in forward-looking statements.
Important factors that
could cause actual results to differ materially from the Companys
expectations include the timing for regulatory approvals, fluctuations
in commodity prices and currency exchange rates; uncertainties relating
to interpretation of drill results and the geology, continuity and
grade of mineral deposits; uncertainty of estimates of capital and
operating costs, recovery rates, production estimates and estimated
economic return; the need for cooperation of government agencies and
native groups in the exploration and development of properties and the
issuance of required permits; the need to obtain additional financing
to develop properties and uncertainty as to the availability and terms
of future financing; the possibility of delay in exploration or
development programs or in construction projects and uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties disclosed in the Companys Annual Information Form for
the year ended December 31, 2013, which is available at www.sedar.com.
The Company is under no obligation to update forward-looking statements
if circumstances or managements opinions should change, excepting as
required by applicable securities laws.
The reader is cautioned not to
place undue reliance on forward-looking statements.
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