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Cobalt 27 Closes US$80 Million Revolving Credit Facility
Cobalt 27 Capital Corp. (“Cobalt 27” or the “Company”) (TSXV: KBLT)(FRA: 27O), announced today that the Company has entered into a US$80 million revolving term credit facility (the “Credit Facility”) led by National Bank of Canada with a syndicate of financial institutions including Bank of Montreal and The Bank of Nova Scotia (the “Lenders”). The Credit Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of streams, royalties, and other interests. The Company intends to increase the size of the Credit Facility as it builds its cobalt-focused investment portfolio.
“Adding a revolver to our balance sheet is an important step towards becoming a cash flow positive streaming company. This US$80 million Credit Facility, combined with our recently completed CAD$200 million equity financing, significantly strengthens Cobalt 27’s liquidity and provides the financial capacity to accelerate our plans to close streaming transactions,” stated Anthony Milewski, Chairman and CEO of Cobalt 27. “The positive response we have received from our banking syndicate reflects confidence in Cobalt 27’s strong asset base and business model.”
The Credit Facility is secured by the Company’s assets and has an initial term of two years, which is extendable by mutual consent of all Lenders and Cobalt 27. The initial drawdown under the Credit Facility is subject to the satisfaction or waiver of certain conditions precedent customary for a financing of this type.
SOURCE Cobalt 27 Capital Corp
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