The president of MinVen Gold (TSE) recently announced details of plans to refinance amounts outstanding under its US$14.5 million bank line of credit. The company’s principal lender, Citibank, agreed to extend the term of MinVen’s revolving line of credit to January 31, 1992. In addition, a major shareholder of the company (Ventures Trident group) agreed to provide MinVen with US$4 million of convertible note financing.
Under the extended revolving bank line, MinVen may draw up to US$10 million until early 1991, and US$7 million thereafter until early 1992.
“The refinancing of MinVen’s short-term debt into two longer-term arrangements gives the company maximum flexibility in timing its debt repayments and minimizes the potential dilution to our existing shareholders,” said President James Anderson. “The refinancing comes at an opportune time as MinVen heads into the detailed planning and permitting for the expansion of the Gilt Edge mine (in South Dakota).”
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