CanAm Refinances Equipment Debt and Obtains Additional Funding from Major US Bank
30 Abril 2014 - 9:01AM
Access Wire
CALGARY, AB / ACCESSWIRE / April 30, 2014 / CanAm Coal Corp.
(TSXV: COE) ("CanAm" or the "Company") is pleased to announces that
is has refinanced substantially all of its equipment loans and
secured an additional US $3 million financing package with a major
US Bank.
The Company, through its subsidiary Birmingham Coal & Coke
Co, Inc., has agreed with its US banking partner to amend its
existing equipment financing agreement. The main changes are to
increase the principal amount of the loan by US $3 million (with a
term of 54 months) and to reset the amortization period for the
outstanding amount of the original loan (US $13.2 million
outstanding at April 2014) to 48 months. The blended interest rate
on the facility is 4.04%. Included in the revised agreement is a
new covenant requiring the Company to convert at least $6,500,000
of its 2012, 9.5% debenture to equity prior to July 31, 2014. This
represents approximately 50% of the face value of the debenture.
The debenture matures in August 2016.
Company President & CEO, Jos De Smedt commented: "We are
very pleased with this renewed and increased commitment from our US
banking partner. We have developed a great relationship with them
since 2012 and certainly, we believe, that this is a clear
demonstration of their confidence in our Company and our business
plan."
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain certain forward-looking
information. All statements included herein, other than statements
of historical fact, is forward-looking information and such
information involves various risks and uncertainties. There can be
no assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used
to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially
from forward-looking information can be found in the Company's
disclosure documents on the SEDAR website at www.sedar.com. The
Company does not undertake to update any forward-looking
information except in accordance with applicable securities
laws.
SOURCE: CanAm Coal Corp.
(TSXV:COE)
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