Business & Finance
Business and Finance
Business and Finance
Mon, March 9, 2009Fri, March 6, 2009Thu, March 5, 2009Wed, March 4, 2009Tue, March 3, 2009Mon, March 2, 2009Sun, March 1, 2009Sat, February 28, 2009Fri, February 27, 2009Thu, February 26, 2009Wed, February 25, 2009Tue, February 24, 2009Mon, February 23, 2009Sun, February 22, 2009Fri, February 20, 2009U.S. Silver Corporation: U.S. Silver Announces Debt Financing Facility
Published in Business and Finance on Thursday, February 26th 2009 at 9:10 GMT, Last Modified on 2009-02-26 09:11:51 by Market Wire
TORONTO, ONTARIO--(Marketwire - Feb. 26, 2009) - U.S. Silver Corporation (TSX VENTURE:USA) ("U.S. Silver" or the "Company") is pleased to announce that the Company has arranged a credit facility for financing a portion of the Company's concentrate inventory and receivables. The facility provider is Auramet Trading. Auramet, based in Fort Lee, New Jersey, is a leading metals trading, merchant banking and advisory firm specializing in the global resource sector.
Maximum utilization of the facility is not expected to exceed USD 5,000,000 and limited utilization is expected to commence over the next several weeks. The facility has an initial term of one year and is renewable annually thereafter, although it can be repaid and cancelled without penalty upon 30 days notice.
Interest costs for funds borrowed under the facility will be based on a spread over the London Inter-bank Offered Rate ("LIBOR") for United States Dollars ("USD"). The Company anticipates initial USD interest costs of 5.00%-6.00% per annum.
Management is optimistic the facility will provide a cost-effective and non-dilutive improvement in the liquidity of its existing working capital position. Additionally, the facility allows for more efficient and beneficial execution of silver concentrate sales.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and operates the Galena, Coeur, and Caladay silver-lead-copper mines in Shoshone County, Idaho, with the Galena Mine being the second most prolific silver producer in U.S. history. Total silver production from U.S. Silver's mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 18,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding its production from existing operations as well as exploring and developing its extensive Silver Valley holdings.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at [ www.sedar.com ].
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
