Canadian developer and explorer MAG Silver has signed a binding commitment letter with the Bank of Montreal for a fully underwritten $40-million revolving credit facility.
This provides the junior with additional liquidity and financial flexibility for its 44% share of the Juanicipio development and exploration costs should it be needed, the company notes.
MAG has a 44% interest in Juanicipio, in Mexico, with Fresnillo, which is the operator.
Closing of the facility is expected to occur by mid-December and the maturity date is December 31, 2024.