Mineral & Financial Invest. Limited Investment Update: Ascendant (7942V)
06 12월 2023 - 4:00PM
UK Regulatory
TIDMMAFL
RNS Number : 7942V
Mineral & Financial Invest. Limited
06 December 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Ascendant Appoints Banco Santander S.A. as
Lead Arranger for Proposed Export Credit Agency Supported Project
Financing at Lagoa Salgada Project
HIGHLIGHTS :
-- Ascendant appoints Banco Santander S.A. as Sole Mandated Lead
Arranger for the proposed Lagoa Salgada Polymetallic project
("Project") financing.
-- The funding would be up to US$158m in potential project
financing with a potential term of 7.5 years, for the Project.
-- Proposed funding would cover 70% of the projects expected capital requirement.
-- The UK Export Credit Agency is expected to support the project financing.
-- Export Credit Agency Support provides political and
commercial guarantees to project lenders, thus lowering project
risk to the lender and resulting in lower costs of capital.
Camana Bay, Cayman Islands - 6 December 2023 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or
the "Company") is pleased to provide an update on its investments
in Redcorp Empreedimentos Mineros Lda ("Redcorp") and Ascendant
Resources Inc. ("Ascendant") which are developing the Lagoa Salgada
Polymetallic Project in Portugal. The Project is being managed by
Ascendant. M&F owns a conditional 20% carried interest in
Redcorp and Ascendant owns the balance (please see the announcement
dated 28 November 2022 for further details). Ascendant has informed
M&F that further to the announcement on 18 October 2023, that
in relation to the Export Credit Agency ("ECA") Supported Project
financing of up to US$158 million, Ascendant has appointed Banco
Santander, S.A. ("Santander") as Mandated Lead Arranger ("MLA") for
the Lagoa Salgada Project in Portugal.
As announced on 5 September 2023, Ascendant, together with its
advisors SD Capital Advisory Ltd and GKB Ventures Ltd ("S&G"),
initiated a tender process to solicit interest from several global
project finance banks to act as MLA for Ascendant's projects. As a
result of this competitive process the Directors understand that
Ascendant received several compelling bids. Together with
Ascendant's advisors the bids were evaluated based on ECA project
finance experience, execution capabilities and ultimately the
financial terms for the project financing. Santander is a
well-respected global institution with extensive experience in ECA
financing, a significant presence in Portugal and a longstanding
relationship with UKEF. The Directors understand that this,
together with the competitive and compelling terms presented for
the financing were the basis for Ascendant awarding the mandate to
Santander.
The UK Export Credit Agency ("UKEF") backed facility is expected
to be for up to US$158 million on a non-recourse project financing
basis for a total tenor of 7.5 years; but there can be no guarantee
this will be achieved. If secured this funding would cover 70% of
the expected project capital expenditures for the Lagoa Salgada
Project.
As is common for ECA supported Project Financing, UKEF provides
political and commercial guarantees to project lenders, thereby
lowering the overall project risk to the lender and resulting in
lower costs of capital. This reduces the cost of debt to Ascendant
whilst at the same time extending tenors and creating debt capacity
not normally available in the commercial bank market. To secure
such support, project developers commit to a pre agreed level of
procurement from UK based organizations for goods, services and
materials. UKEF's mandate is to promote and support exports from
British companies in the global market.
The appointment of the MLA is on an exclusive basis and sets out
the indicative terms upon which the proposed ECA financing is
expected to be based. For the avoidance of doubt, the terms are
purely indicative and do not constitute an offer of finance or a
legally binding commitment of any kind to provide finance. The
provision of any binding offer is subject to, among other things:
credit and other internal approvals; E&S approvals;
satisfactory due diligence and documentation; satisfaction of Know
Your Client ("KYC") requirements and other terms customary for this
type of transaction.
The conclusion of Project financing remains subject to the
granting of construction permits, due diligence, amongst other
requirements, the appointment of Santander as MLA is a significant
milestone for the Project financing of the Lagoa Salgada Project.
At Lagoa Salgada, work continues to advance the permitting over the
coming months. Redcorp and Ascendant are preparing the issuance of
its 43-101 Feasibility Study for the Lagoa Salgada project and once
completed will commence comprising of a formal due diligence period
before an anticipated final binding offer and documentation.
Further updates will be provided as required.
About Banco Santander S.A.
Banco Santander, S.A is a Spanish multinational financial
services company based in Madrid and Santander in Spain.
Additionally, Santander maintains a presence in all global
financial centers as the 17th-largest banking institution in the
world. Although known for its European banking operations, it has
extended operations across North and South America, and more
recently in continental Asia. It is considered a systemically
important bank by the Financial Stability Board.
Santander has been designated as a Significant Institution since
the entry into force of European Banking Supervision in late 2014,
and consequently is directly supervised by the European Central
Bank.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Sarah Mather, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 382 8300
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