SRHI Inc. Completes Customary Documentation Required under JRA

Nachrichtenquelle: globenewswire
20.11.2020, 15:00  |  104   |   |   

(all amounts expressed in US dollars)

TORONTO, Nov. 20, 2020 (GLOBE NEWSWIRE) -- (TSX: SRHI, SRHI.WT) – SRHI Inc. (the “Company” or “SRHI”) is pleased to announce that the Company and Minera Tres Valles SpA (“MTV”) have completed the customary documentation and formalization of terms under the Judicial Reorganization Agreement (“JRA”) between MTV, MTV’s senior lenders (“Lenders”) and the Company.

MTV is the Company's 70% owned producing copper mine in Salamanca, Chile.

A summary of the financial commitments arising from the JRA (and as disclosed in prior press releases) is as follows:

SRHI to Provide $10 Million to MTV by June 2021

  • Up to $10 million secured second ranking debt to be financed from the Company’s cash resources (the “SRHI New Loan”)
  • To be drawn down by MTV by June 2021
  • Principal and interest subordinated to the senior secured prepayment facility (the “Facility”) and New Senior Debt (defined below)
  • Expected payback beginning 2025
  • Fulfills (and will reduce, pro-rata) the Company’s $10 million corporate guarantee provided under the agreement governing the Facility (the “Facility Agreement”) entered into between the Lenders, MTV and the Company in December 2019
  • No dilution to the Company’s 70% equity holding of MTV

Lenders Amend Facility Agreement Terms and Commit to Additional $6 Million

  • Immediate release of $7 million of cash, previously restricted by the Lenders pursuant to the Facility Agreement, to support MTV’s operations
  • Extension of the Facility Agreement’s maturity by 12 months to December 2024
  • Extension of the Facility Agreement’s commencement for principal repayments by 12 months to begin March 31, 2022
  • Extension by 18 months of the requirement to pay 50% of interest under the Facility Agreement. Full interest payments begin March 31, 2022
  • Up to $6 million of new senior debt (“New Senior Debt”) to have substantially the same security and terms as currently contemplated in the Facility Agreement (with some amendments)
  • The New Senior Debt is to be made available to MTV, if needed, after SRHI has fully advanced the SRHI New Loan

Unsecured Creditors Convert Amounts Owed to Unsecured Debt

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SRHI Inc. Completes Customary Documentation Required under JRA (all amounts expressed in US dollars) TORONTO, Nov. 20, 2020 (GLOBE NEWSWIRE) - (TSX: SRHI, SRHI.WT) – SRHI Inc. (the “Company” or “SRHI”) is pleased to announce that the Company and Minera Tres Valles SpA (“MTV”) have completed the customary …

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