| Home : October 2011 : October 24, 2011 News : Primary Corp. Announces Participation in Cline Mining Loan Syndicate |
Primary Corp. Announces Participation in Cline Mining Loan Syndicate |
October 24, 2011
TORONTO, ONTARIO--(Marketwire - Oct. 24, 2011) - Primary Corp. (TSX:PYC) ("Primary" or the "Company") is pleased to announce that it participated in the recently announced syndicate of lenders (the "Lenders") providing for the issuance of up to US$50 million senior secured notes (the "Notes") by Cline Mining Corporation ("Cline") all as set forth in a binding term sheet (the "Term Sheet") executed on September 30, 2011. The Notes may be issued to the Lenders, at Cline's option, in integral amounts of US$25 million for a maximum of US$50 million at any time prior to the first anniversary of the signing of the Term Sheet subject to completing definitive documentation in connection with the Note commitment (the "Commitment"). The Notes have a maturity date that is two years from the date Cline Mining first exercises its right to issue Notes to the Lenders and bear a coupon of 10% per annum, payable semi annually in arrears in equal installments.
http://www.marketwire.com/mw/release.do?id=1577013&sourceType=3
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