Trevali Mining Corporation (“Trevali” or the
“Company”)
(TSX: TV, BVL: TV; OTCQX: TREVF, Frankfurt:
4TI) announces that it has entered into an amended
and restated credit agreement with a syndicate of lenders for a
US$275 million revolving credit facility (the “New Facility”). The
New Facility replaces the US$160 million term loan facility and the
US$30 million revolving facility entered into in August
2017.
The New Facility will bear interest on a sliding
scale: (i) at a rate of LIBOR plus between 2.0% to 3.0%; or (ii) at
a base rate plus between 1.0% to 2.0%, based on the Company’s
consolidated leverage ratio. Commitment fees for the undrawn
portion of the facility will also be on a sliding scale between
0.45% to 0.675%. The term of the New Facility is four years,
maturing on September 18, 2022. The Company expects to realize
savings of up to US$5 million over the term of the New Facility due
to the reduction in interest and standby fee rates. Proceeds from
the New Facility will be used for working capital and general
corporate purposes.
“We are very pleased to complete the refinancing
of our credit facility and for the improved pricing that we have
secured,” stated Dr. Mark Cruise, President and CEO of Trevali. “We
are grateful for the ongoing support of our lenders and for the
opportunity to introduce new lenders into the syndicate. The new
facility provides increased financial flexibility going
forward.”
The Bank of Nova Scotia acted as Administrative
Agent, Joint Bookrunner and Co-Lead Arranger and HSBC Bank Canada
acted as Joint Bookrunner and Co-Lead Arranger. The lending
syndicate is comprised of The Bank of Nova Scotia, HSBC Bank
Canada, Société Générale, Bank of Montreal, The Toronto-Dominion
Bank, National Bank of Canada and ING Capital LLC.
ABOUT TREVALI MINING
CORPORATIONTrevali is a zinc-focused, base metals company
with four mines: the wholly-owned Santander mine in Peru, the
wholly-owned Caribou mine in the Bathurst Mining Camp of northern
New Brunswick, the 90% owned Rosh Pinah mine in Namibia and the 90%
owned Perkoa mine in Burkina Faso.
The shares of Trevali are listed on the TSX
(symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange
(symbol TV), and the Frankfurt Exchange (symbol 4TI). For further
details on Trevali, readers are referred to the Company’s website
(www.trevali.com) and to Canadian regulatory filings on SEDAR at
www.sedar.com.
On Behalf of the Board of Directors ofTREVALI MINING
CORPORATION“Mark D. Cruise” (signed)Mark D. Cruise,
President
Contact Information:Steve Stakiw, Vice
President - Investor Relations and Corporate CommunicationsEmail:
sstakiw@trevali.comPhone: (604) 488-1661 / Direct: (604)
638-5623
Cautionary Note Regarding
Forward-Looking StatementsThis news release contains
“forward-looking information” within the meaning of the Canadian
securities legislation and “forward-looking statements” within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, Section 21E of the United States Exchange Act of 1934,
as amended, the United States Private Securities Litigation Reform
Act of 1995, or in releases made by the United States Securities
and Exchange Commission, all as may be amended from time.
Statements containing forward-looking information express, as at
the date of this news release, the Company’s plans, estimates,
forecasts, projections, expectations, or beliefs as to future
events or results. Such forward-looking statements and information
include, but are not limited to, statements as to interest and fees
that will be borne on the New Facility and anticipated savings as a
result of same, the anticipated use of proceeds from the New
Facility, and the ability of the New Facility to provide additional
liquidity and funding flexibility.
These statements reflect the Company’s current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. If any assumptions are untrue, it could cause
actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such statements. Assumptions have been made
regarding, among other things, present and future business
strategies and the environment in which the Company will operate in
the future, including commodity prices, anticipated costs and
ability to achieve goals.
Forward-looking statements are subject to known
and unknown risks, uncertainties and other important factors that
may cause the Company’s actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to joint venture operations;
fluctuations in spot and forward markets for silver, zinc, base
metals and certain other commodities (such as natural gas, fuel oil
and electricity); fluctuations in currency markets; risks related
to the technological and operational nature of the Company’s
business; changes in national and local government, legislation,
taxation, controls or regulations and political or economic
developments in Canada, the United States, Peru, Namibia, Burkina
Faso, or other countries where the Company may carry on business in
the future; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins and
flooding); risks relating to the credit worthiness or financial
condition of suppliers, refiners and other parties with whom the
Company does business; inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards; employee relations;
relationships with and claims by local communities and indigenous
populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses and permits and the presence of laws and
regulations that may impose restrictions on mining; diminishing
quantities or grades of mineral resources as properties are mined;
global financial conditions; business opportunities that may be
presented to, or pursued by, the Company; the Company’s ability to
complete and successfully integrate acquisitions and to mitigate
other business combination risks; challenges to, or difficulty in
maintaining, the Company’s title to properties and continued
ownership thereof; the actual results of current exploration
activities, conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors; increased competition in the mining industry for
properties, equipment, qualified personnel, and their costs, as
well as other risks as more fully described in the Company’s annual
information form for the year ended December 31, 2017, which is
available on the Company’s website (www.trevali.com) and filed
under our profile on SEDAR (www.sedar.com). Investors are cautioned
against attributing undue certainty or reliance on forward-looking
statements. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended. The Company does
not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
Source: Trevali Mining Corporation
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