SilverCrest Metals Inc. (TSX:SIL) (NYSE:SILV) is pleased to announce that it has refinanced its US$120 million secured project financing facility, of which only US$90 million was drawn, with a new US$120 million senior secured credit facility through a syndicate of lenders comprised of The Bank of Nova Scotia and Bank of Montreal.
The Credit Facility includes a US$50 million term facility and a US$70 million revolving facility. On closing of the Credit Facility, the Company fully drew the US$50 million Term Facility and will use US$40 million of its cash balance to repay the existing US$90 million project financing facility, which was with an affiliate of RK Mine Finance. The Revolving Facility of US$70 million will be available to the Company until November 27, 2026 for general corporate purposes and working capital. On closing of the Credit Facility and repayment of the project financing facility, the Company will have an estimated cash balance of US$50 million, total debt of US$50 million and undrawn Revolving Facility of US$70 million.
Key terms of the Term Facility include:
Key terms of the Revolving Facility include:
|1 SOFR means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York.|
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and production company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and production assets in Mexico’s historic precious metal districts. The Company’s principal focus is operating its Las Chispas Mine, in Sonora, Mexico. SilverCrest’s ongoing initiative is to increase its asset base by expanding current resources and reserves, acquiring and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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