08:24:52 EST Mon 09 Dec 2019
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Imperial Metals Corp (2)
Symbol III
Shares Issued 128,490,174
Close 2019-08-15 C$ 2.78
Recent Sedar Documents

Imperial Metals repays debt with Red Chris sale

2019-08-16 15:51 ET - News Release

Mr. Brian Kynoch reports

IMPERIAL REPAYS DEBT

Imperial Metals Corp. has received the sales proceeds of approximately $775-million (U.S.) related to the sale of a 70-per-cent interest in the Red Chris mine as announced on Aug. 15, 2019.

Proceeds from the sale transaction were utilized to repay debt as follows:

  • Senior secured revolving credit facility of $200-million;
  • Second lien secured revolving credit facility of $50-million;
  • Secured bridge loan of $26-million;
  • Unsecured junior credit facility of $75-million;
  • Unsecured convertible debentures (2014) of $115-million;
  • Unsecured convertible debentures (2015) of $30-million;
  • Unsecured line of credit of $10-million;
  • Certain equipment loans of about $1.7-million;
  • Senior unsecured notes of $325-million (U.S.).

Subsequent to repayment of this debt, the company's remaining obligations will be a 30-per-cent share of the Red Chris joint venture equipment loans and obligations related to the Northwest Transmission Line that are liabilities of the Red Chris joint venture.

About Imperial Metals Corp.

Imperial is a Vancouver exploration, mine development and operating company. The company, through its subsidiaries, owns a 30-per-cent interest in the Red Chris mine and a 100-per-cent interest in both the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 48-per-cent interest in the Ruddock Creek lead/zinc property.

We seek Safe Harbor.

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