Montana-focused miner Silver Bow secures funding, offtake from Ocean Partners
NYSE-listed Silver Bow Mining Corporation has signed a term sheet with Ocean Partners UK for an integrated funding, credit support and offtake package all valued at $88-million.
The funding package contemplates a $40-million concentrate prepayment facility linked to ten-year zinc and lead concentrate offtake agreements for Silver Bow's Rainbow Block project, in Montana, and the to-be-acquired Montana Tunnels mine; about $43.1-million of reclamation bond guarantees at both these operations; and a $5-million lead in a future Silver Bow equity investment.
A binding $5-million pre-closing bridge note, to be funded within five business days of signing, forms part of, and will be credited against, the first tranche of the prepayment facility.
The contemplated zinc and lead concentrate offtake agreements will cover concentrates attributable to the Rainbow Block, ores from outside the M-Pit at the Montana Tunnels mine and one-third of concentrate from ores from the M-Pit at the Montana Tunnels mine.
The company previously entered into an agreement to acquire the complex and is targeting final closing of the acquisition in the fourth quarter of the year.
Silver Bow says the agreements with Ocean Partners allows for the funded restart of Rainbow Block, the refurbishment of Montana Tunnels mine and working capital without production-timing covenants.
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