Iberian Minerals Signs Facility Agreement for Senior Financing at Aguas Tenidas, and Refinances Existing $25 Million Convertible
12 4월 2010 - 10:03PM
Marketwired Canada
Iberian Minerals Corp. (TSX VENTURE:IZN) is pleased to announce that its
wholly-owned subsidiary, Minas de Aguas Tenidas, S.A.U. ("MATSA"), has signed a
facility agreement dated March 30, 2010 (the "Facility Agreement") with BNP
Paribas, Natixis and Societe Generale for a senior debt financing for US$ 50
million (the " Senior Facility") for the Aguas Tenidas Mine, with the first
advance expected on or around April 15, 2010. Iberian will act as guarantor
under the Facility Agreement.
The proceeds of the Senior Facility will be used to repay the US$ 21 million
Trafigura Beheer B.V. ("Trafigura") bridge facility and for working capital
purposes.
Daniel Vanin, President of Iberian, stated: "The completion of the Senior
Facility is a significant achievement for MATSA. It provides further validation
of the Aguas Tenidas mining operation and provides stability for the company as
it moves forward. We would like to take this opportunity to thank the lending
banks and Trafigura for its continued support of Aguas Tenidas and Iberian."
The key features of the Senior Facility are as follows:
Amount: US$ 50 million
Type of Facility: Revolving
Rate: LIBOR plus 3%
Term: 3 years
Mandatory Reductions: Reduces to US$ 47 million after 12 months, US$
42 million after 18 months, US$ 30 million
after 24 months, and US$ 9 million after 30
months
The required commodity hedging program under the terms of the Senior Facility
requires the restructuring of existing hedge positions and additional hedging of
22,500 FMT of copper and 9,675 FMT of zinc. The counterparty to hedges for Aguas
Tenidas Mine is BNP Paribas, Natixis and Societe Generale.
Additional commodity hedging has been executed and, together with the
restructured commodity hedges, the new MATSA hedging program is set out in the
following table.
--------------------------------------------------------------------
2010 2011 2012 2013 TOTAL
--------------------------------------------------------------------
Restructured Hedging Volumes
Zn Forwards FMT 4,959 16,848 4,896 26,703
Zn Price USD/t 1,630 1,601 1,579 1,603
Cu Forwards FMT 4,104 16,002 396 20,502
Cu Price USD/t 4,300 4,216 4,160 4,232
Zn Short Call FMT 4,900 4,900
Zn Strike Price USD/t 1,500 1,500
Cu Short Call FMT 6,100 6,100
Cu Strike Price USD/t 4,200 4,200
New Hedging Volumes
Zn Forwards FMT 8,550 1,125 9,675
Zn Price USD/t 2,307 2,272 2,303
Cu Forwards FMT 3,600 17,100 1,800 22,500
Cu Price USD/t 7,768 7,471 7,319 7,507
--------------------------------------------------------------------
Zn % Hedged 29% 39% 33% 2% 25%
Cu % Hedged 44% 66% 58% 6% 44%
--------------------------------------------------------------------
There shall be no margin calls or other collateral delivery obligations under
the required hedging program.
Also in connection with the terms of the Senior Facility, MATSA has restructured
its Euro/USD foreign exchange forward contracts, summarized as follows:
-- 2010 - sale of US$ 84 million at 1.43;
-- 2011 - sale of US$ 34 million at 1.43;
-- 2012 - sale of US$ 34 million at 1.43;
-- 2013 - sale of US$ 6 million at 1.43
As required by the Senior Facility, Trafigura has entered into a standby
facility (the "Standby Facility") with MATSA for US$ 20 million. In addition,
Iberian has refinanced an existing CDN$ 25 million convertible debenture held by
Dundee Resources Limited (the "Debenture Re-Financing").
The Facility Agreement is posted on SEDAR at www.sedar.com.
The Standby Facility:
The purpose of the Standby Facility is to fund any additional cash flow
requirements at MATSA pending satisfaction of the Completion Test mandated in
the Facility Agreement, being MATSA completing production ramp-up and reaching a
steady state of operations.
The terms of the Standby Facility are:
Amount: US$ 20 million
Rate: LIBOR plus 6%
Term: Earlier of Completion (as defined in the
Credit Agreement) or Term of the Senior
Facility
Availability: Immediately
Security: Unsecured
There is no conversion feature, and there are no warrants attached to the
Standby Facility.
Debenture Refinancing:
Dundee Resources Limited ("Dundee") is the holder of a convertible debenture
issued by the Corporation in the amount of CDN$ 25 million. The debenture bears
interest at 6%, payable semi- annually, matures July 26, 2011, and is
convertible at CDN$ 1.38 into units, each unit comprising one registered share
and one-half of a warrant, with each full warrant being exercisable for one
registered share at CDN$ 2.00 for a period of two years. The debenture grants
contractual security to Dundee.
In connection with the Senior Facility, the Corporation has refinanced the
Dundee debenture with two private investors (the "New Debentures") and Dundee
will be repaid in full, with accrued interest, on or around April 13, 2010.
The New Debentures, totalling CDN$ 25 million, bear interest at 7% payable
quarterly in arrears and mature on December 31, 2011. In connection with the New
Debentures, the Corporation has granted to the investors an aggregate of
44,642,856 non-transferable warrants to purchase registered shares of the
Corporation (the "Warrants"). Each Warrant is exercisable at a price of CDN$
0.56 (the "Exercise Price") per registered share until December 31, 2011. The
Warrants, if exercised, shall reduce the outstanding indebtedness of the
Corporation under the New Debentures by an amount equal to the Exercise Price
multiplied by the number of Warrants exercised. The New Debentures are
subordinate to the Senior Facility but in priority to any advances under the
Standby Facility. The New Debentures are unsecured, and will close on or around
April 12, 2010.
The issuance of the New Debentures has been conditionally approved by the TSX
Venture Exchange.
Related Party Transactions
Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the entering into of
the Standby Facility and the provision of services by Trafigura regarding the
Senior Facility, are "related party transactions" as Trafigura currently holds
154,582,163 registered shares representing approximately 45.93% of the issued
and outstanding registered shares of the Corporation. Iberian is exempt from the
formal valuation requirement of MI 61-101 in connection with entering into of
the Standby Facility and the provision of services regarding the Senior Facility
in reliance on section 5.5(b) of MI 61-101 as no securities of the Corporation
are listed or quoted for trading on the Toronto Stock Exchange, the New York
Stock Exchange, the American Stock Exchange, the NASDAQ Stock market or a stock
exchange outside of Canada and the United States. Additionally the Corporation
is exempt from obtaining minority shareholder approval in connection with
entering into of the Standby Facility and the provision of services regarding
the Senior Facility in reliance on section 5.7(1)(f) of MI 61-101 as the Standby
Facility and the provision of services regarding the Senior Facility are on
reasonable commercial terms that are not less advantageous to the Corporation
than if obtained from an arm's length party, the Standby Facility is not
convertible into registered shares and no amount is payable in registered shares
of the Corporation.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian listed global base metals company with
interests in Spain and Peru. The Condestable Mine, located in Peru approximately
90 km south of Lima, operates at 2.2 million tonnes per year producing copper,
and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in
the Andalucia region of Spain approximately 110 km north-west of Seville and
operates a 1.7 million tonnes per year underground mine and concentrator that
produces copper, zinc and bulk copper/lead concentrates that also contain gold
and silver.
FORWARD LOOKING STATEMENTS:
This news release contains certain "forward-looking statements" and
"forward-looking information" under applicable securities laws. Except for
statements of historical fact, certain information contained herein constitutes
forward- looking statements. Forward-looking statements are frequently
characterized by words such as "plan", "except", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward-looking statements are based
on the opinions and estimates of management at the date the statements are made,
and are based on a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements.
Assumptions upon which such forward-looking statements are based included that
all required third party regulatory and governmental approvals will be obtained.
Many of these assumptions are based on factors and events that are not within
the control of Iberian and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in market
conditions and other risk factors discussed or referred to in the annual
Management's Discussion and Analysis and Annual Information Form for Iberian
filed with the applicable securities regulatory authorities and available at
www.sedar.com. Although Iberian has attempted to identify important factors that
could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements. Iberian undertakes no obligation to update
forward-looking statements if circumstances or management's estimates or
opinions should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking statements.
InZinc Mining (TSXV:IZN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
InZinc Mining (TSXV:IZN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
