TORONTO, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Sprott Resource Holdings Inc. (“SRHI” or the “Company”) (TSX: SRHI) today announced that it has signed the previously announced secured prepayment facility (“Facility”) and offtake agreement (“Offtake”) to be provided to Minera Tres Valles (“MTV”) by Anglo American Marketing Limited (“AAML”) and a fund under the investment management of Kimura Capital LLP (“Kimura” and together with AAML, the “Lenders”) to be utilized for the expansion of the MTV copper project located in Chile.
Financial close and receipt of funds is expected within the next two weeks subject to customary documentation, perfection of security and other conditions.
Key Terms of the Facility and Offtake
The Facility will, in part, be used to repay MTV’s US$20 million existing debt with Kimura.
Three Keys Capital Advisors LLC and Next Meridian LLC acted as financial advisors to MTV in connection with the Facility and the Offtake.
MTV is a fully permitted operating mining complex located nine kilometers from Salamanca in Region IV of Chile. MTV comprises two main deposits: Papomono (underground) and Don Gabriel (open pit). The mine is currently operating and producing high grade copper cathode. The mine has significant infrastructure in place with a crushing and processing plant with nameplate capacity of 7,000 and 6,000 tonnes per day, respectively. The plant is designed to produce up to 18,500 tonnes per annum of copper cathodes. For more information about MTV, please visit http://www.mineratresvalles.com.
About Sprott Resource Holdings Inc.
SRHI acquires and grows a portfolio of cash-flowing businesses and businesses expected to cash flow in the natural resource sector. Based in Toronto, SRHI is part of the Sprott Group of Companies and seeks to deploy capital to provide our investors with exposure to attractive commodities. For more information about SRHI, please visit www.sprottresource.com.
About Anglo American
Anglo American is a leading global mining company whose products are the essential ingredients in almost every aspect of modern life. Its portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals that enable a cleaner, more electrified world and that meet the fast growing consumer-driven demands of the world’s developed and maturing economies. With people at the heart of its business, Anglo American uses innovative practices and the latest technologies to discover new resources and mine, process, move and market its products to customers around the world – safely, responsibly and sustainably.
Kimura Capital is a UK based investment Manager specialising in the global Commodity Trade Finance business. Kimura specialize in providing tailor-made financing solutions for small to medium commodity producers. Kimura can look at transactions across the globe in the agriculture, metals and energy sectors and have assembled an experienced team of commodity professionals.
Investor contact information:
Interim CEO and Director
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