Augusta Arranges US$40 million Increase to Red Kite Loan Facility and Extends Maturity Date - Making the amount of the loans at $83M. |
| |
|
Augusta Resource Corporation (TSX/NYSE MKT: AZC ) ("Augusta" or "the Company") is pleased to announce that the Company and RK Mine Finance Trust I ("Red Kite") have signed a term sheet for a US$40,000,000 increase ("Additional Loan") to the existing US$43,000,000 Red Kite loan ("Existing Loan"), on terms substantially similar to the Existing Loan. The Additional Loan and the Existing Loan, together totalling US$83,000,000 , are referred to as the Expanded Loan. The terms for the Expanded Loan include interest payable at LIBOR plus 4.50% and an origination fee of 2% of the Additional Loan. The Expanded Loan is substantially similar to the Existing Loan except that the final maturity date has been extended by 15 months to July 21, 2014 . In connection with Red Kite's granting of the Expanded Loan, Augusta will extend the expiry of the existing 1,791,700 share purchase warrants held by Red Kite from April 22, 2014 to July 22, 2015. Augusta and Red Kite have also agreed to change the exercise price of the warrants from C$3.90 per share to US$3.85 per share. In addition, Rosemont Copper Company ("Rosemont"), a wholly owned subsidiary of Augusta, has executed a term sheet to amend the existing Red Kite Copper Concentrates Sales Agreement ("Amended Offtake Agreement"). Under the Amended Offtake Agreement, Red Kite will purchase 20% of gross annual production until 1,500,000 tonnes has been delivered. This compares to the existing offtake agreement under which Red Kite would purchase 16.125% of gross annual production with a cumulative limit of 483,750 tonnes. Upon closing of the Expanded Loan and the Amended Offtake Agreement, the Copper Cathode Purchase and Sale Agreement between Rosemont and an affiliate of Red Kite and the US$10,000,000 working capital facility between Augusta and Red Kite will both be cancelled and deemed void. Gil Clausen , Augusta's President and CEO comments, " Red Kite is a strong advocate of the Rosemont Copper Project and we appreciate their continued support. This Expanded Loan provides us with the funding needed to continue development of Rosemont through to the start of construction , expected in early 2013, and fits our financing objective of minimal equity dilution. Our entire focus can now be placed on finalizing the project debt financing and completing the permitting process. " Closing of the Expanded Loan agreement is subject to customary due diligence for these types of loan transactions, all regulatory approvals, final legal documentation, and Board approvals. ABOUT AUGUSTA Augusta is a base metals company focused on advancing the Rosemont Copper deposit near Tucson, Arizona . Rosemont hosts a large copper/molybdenum reserve that would account for about 10% of US copper output once in production (for details refer to www.augustaresource.com ). The exceptional experience and strength of Augusta's management team, combined with the developed infrastructure and robust economics of the Rosemont project, propels Augusta to becoming a solid mid-tier copper producer. The Company trades on the Toronto Stock Exchange and the NYSE MKT under the symbol AZC. |
Augusta Arranges US$40 million Increase to Red Kite
Top 10 Most Recent News Articles
November Oil Outlook: OPEC+ Steady, Key Earnings Ahead
Oil's November Gambit: OPEC+ and U.S. Dynamics November's here, and boy, it's shaping up to be a wild one for the oil market. OPEC+ decided to stick with their oil production targets for December, leaving the supply faucets unchanged. This group, including big players like Saudi Arabia and Russia, met virtually and chose to hit the brakes on any changes just yet. With the...
Continue Reading
Spago Shanghai Celebrates a Year of Culinary Excellence
The Landmark Year in Fine Dining Spago Shanghai just blew out its first candle, folks, and what a year it's been. From its lofty perch in The St. Regis on the Bund, this hub of culinary magic has carved out a name with accolades aplenty, a hard feat among the many fine-dining heavyweights dotting the Shanghai skyline. A Transplant of California Flavors You take a seat...
Continue Reading
Home Ownership in MS: Beyond Just a Mortgage
Navigating the Real Costs of Homeownership in Mississippi The sunny dreams of first-time homebuyers in Mississippi often get clouded by the storm that is unforeseen expenses. You sign on the dotted line and suddenly discover that a cozy home comes with more financial baggage than just a mortgage. Steve Houck, the go-to real estate guru in Ridgeland, MS, delivers a wise...
Continue Reading
Wet Noses Innovates Human-Grade Pet Food at PLMA 2026
Pet Food Revolution? Wet Noses Takes the PLMA Stage Okay, listen up, pet lovers and industry folks alike—seems like Wet Noses, that Washington-based veteran in the dog treat game, is shaking up the pet food world. After cruising through the pet aisle for almost three decades, they're making a splash at the PLMA 2026. Why should we care? Well, they’re pushing this...
Continue Reading
Tips to Pick the Right Primary Care Provider
Deciding on Your Healthcare Anchor The quest for the perfect primary care provider isn't just routine; it's a cornerstone to your overall healthcare strategy. When Healthcare Services Expert Sheila A. Berschauer from Moses Lake Community Health lays it all out in HelloNation, she pinpoints selecting a provider as one of the mightiest decisions in your health journey. This...
Continue Reading
IntelliGenome Partners with NL Diagnóstica for TB Battle
Breaking New Ground in Tuberculosis Detection When IntelliGenome, a Houston-based developer of CRISPR-based diagnostic tech, teams up with São Paulo's veteran player NL Diagnóstica, you know they're onto something game-changing. This partnership is all about taking the fight against tuberculosis in Brazil to new heights with their CRISPR-Dx™ diagnostic platform. Not...
Continue Reading
Wolfbox Unveils High-Octane Gear at SEMA 2026
Revving Up with Wolfbox's New Offerings There's an electrifying hum in the air, buzz-fueled by Wolfbox's latest gear debut at the SEMA Show 2026 in Las Vegas. The booth is a treasure trove for anyone keen on amping up their vehicle tech, with Wolfbox laying bare everything from dazzling dash cams to adaptive trail lights. It's the kind of smorgasbord that'd make a...
Continue Reading
Industrial Automation Booms: Market to Hit $410B by 2031
Industrial Automation Surge: A New Era Dawns There's no denying it, folks: the gears are turning at a breakneck pace in the industrial automation world. We've got our eyes set on a staggering climb from $266.7 billion in 2026 to a jaw-dropping $410.3 billion by 2031. That's a 9% annual growth rate that's got investors salivating. Robotics and AI: Leading the Charge Look...
Continue Reading
Tactical Comm Market: $19.39B by 2031 Amid 8.1% CAGR
Riding the Tactical Communication Wave Alright, here’s something to chew on over your morning coffee. The tactical communication market is projected to balloon from USD 13.14 billion in 2026 to a whopping USD 19.39 billion by 2031. That’s an 8.1% CAGR if you’re keeping track—no small peanuts. So what's driving this surge? It’s all about security, modernization,...
Continue Reading
Endava Facing Securities Fraud Suit; Stocks Down 24%
Endava Hits Rough Patch with Legal Battle Brewing So here we are, watching Endava plc struggle through legal quagmires and tumbling stock prices. Come September 21, 2026, news hit the street: Endava's CFO, Mark Thurston, found himself on administrative leave due to an investigation surrounding some shaky accounting practices. The Audit Committee raised a red flag, and...
Continue ReadingTop 5 Most Recently Viewed Articles
Fluence Energy Sets Earnings Call for Q3 2025 Review
Fluence Energy Announces Third Quarter Earnings Release ARLINGTON, Va. — Fluence Energy, Inc. (Nasdaq: FLNC) has shared that it will release its earnings report for the third quarter, covering the period that ended on June 30, 2025. The earnings announcement is scheduled to take place after the market closes on August 11, 2025. Details of the Teleconference Following...
Continue Reading
Shane Westra Takes Charge as Cardata's New CPTO
Shane Westra Takes Charge as Cardata's CPTO Cardata, the fully-managed vehicle reimbursement partner, has made a significant move by appointing Shane Westra as its Chief Product and Technology Officer (CPTO). With an impressive career spanning over 25 years, encompassing roles in Salt Lake City and San Francisco, Shane is set to bring a tailored approach to Cardata....
Continue Reading
Interparfums Welcomes New Board Members and Meeting Highlights
Interparfums Announces Annual Meeting Outcomes Interparfums, Inc. (NASDAQ: IPAR) proudly shared the results from its recent Annual Meeting of Shareholders. This event showcased the company’s growth and strategic direction as it welcomed two new members to its Board of Directors. Election of Directors During the meeting, shareholders unanimously approved all proposals...
Continue Reading
Flex LNG Announces Key Details for Upcoming Cash Distribution
Flex LNG Cash Distribution Information for Q3 2024 Flex LNG Ltd. is preparing for an important cash distribution for the third quarter of 2024. This dividend will be drawn from the Contributed Surplus Account of the company. Shareholders should be aware of the specific details as they prepare for this payment. Settlement Cycle Adjustments Impacting Shareholders From the...
Continue Reading
Exploring the Benefits of Gundry MD MCT Wellness Supplement
What is Gundry MD MCT Wellness? Gundry MD MCT Wellness is an exceptional dietary supplement crafted to support the body's production of ketones, aiming to enhance energy and promote fat-burning. Developed by the acclaimed heart surgeon and nutrition expert Dr. Steven Gundry, this product stands out due to its unique blend of C8 MCT powder and powerful polyphenols, all...
Continue Reading