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FPX Nickel Announces Closing of Long-Term Debt Refinancing

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FPX Nickel Corp. (FPX-TSX.V) is pleased to announce that, further to its announcement on March 25, 2019, it has closed the amended and new loan agreements to extend the maturity of its long-term debt from September 4, 2020 to September 4, 2022 and September 4, 2025.  The Company’s debt refinancing is underpinned by a C$4 million loan from Peter Bradshaw, the Company’s Chairman and largest shareholder, on terms consistent with the Company’s arm’s length long-term debt.

 

On closing of the new and amended loan agreements, the Company’s long-term debt is as follows:

 

  • Bradshaw Loan with principal of C$4 million and accrued interest due on September 4, 2025.
  • Loan from an arm’s length shareholder (the “Private Shareholder Loan”) with principal of US$2.5 million and accrued interest due on September 4, 2022.

 

The Loans bear a headline interest rate of 7.5%, of which 2% will be paid currently, on a semi-annual basis, and the remaining 5.5% is payable at the respective maturity dates of the Loans.  The Private Shareholder Loan is secured by a fixed and specific charge against the Company’s Decar mineral claims.  There are no covenant provisions associated with Loans, which may be repaid, in whole or in part, prior to the respective maturity dates and without penalty, at the Company’s option.  The terms of the Company’s amended and new loan agreements are more fully described in the Company’s news release dated March 25, 2019. 

 

About FPX Nickel Corp.

 

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.

 

Posted September 4, 2019

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