BRIEF-Silver Bear Resources approves facilities agreement for development of Mangazeisky Silver Project

Fri Aug 5, 2016 9:26am EDT
 
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Aug 5 (Reuters) - Silver Bear Resources Inc

* Lenders will make available to company and prognoz secured loans in aggregate principal amount of us$55.2 million

* Anticipates secured loan funding will result in net new funding to co,prognoz of about $22 million following repayment of promissory notes

* Silver bear approves facilities agreement for final development and construction of Mangazeisky Silver Project

* Term loan facility will be used by company to repay principal and accrued interest on certain outstanding promissory notes

* Secured loan funding will accrue interest at a rate of 15% per annum

* Got waivers from inflection and aterra in respect of default by co's failure to repay maturity date amounts and interest on promissory notes Source text for Eikon: Further company coverage: