HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: second time I've seen 50 million today.
http://www.northernontariobusiness.com/Industry-News/mining/2015/05/Rubicon-secures-CPP-loan-for-Red-Lake-mine-build.aspx
Rubicon secures CPP loan for Red Lake mine build
By: Northern Ontario Business staff
Rubicon Minerals has secured a US $50-million loan from the Canada Pension Plan Investment Board to help finish development of its gold mine in Red Lake.
The Toronto miner announced May 14 that it had entered into a financing agreement with CPPIB Credit Investments, a subsidiary of Canada Pension Plan Investment Board.
The proceeds are earmarked for its Phoenix Gold Project during the ramp-up period and toward commercial production this year. The mine is permitted for projected initial production to 1,250 tonnes per day.
"We are pleased to announce that Canada Pension Plan Investment Board has chosen to invest in Rubicon," said Rubicon president-CEO Michael Lalonde. "Mill commissioning is now well advanced. We have begun processing low-grade mineralized material, which will continue through the remainder of the second quarter as we fine-tune the mill circuit. We remain on schedule for projected initial gold production in mid-2015."
The loan has a five-year term that will mature on May 12, 2020 with an annual cash interest rate of 7.5 per cent, compounded quarterly. The company has also issued 10,000,000 warrants to CPPIB.
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On May 14, 2015, the Company announced that it had entered into a financing agreement with CPPIB, a wholly-owned subsidiary of Canada Pension Plan Investment Board, for the Loan Facility. The proceeds from the Loan Facility will be used for the development of the Phoenix Gold Project (the "Project") and to provide adequate working capital and flexibility to optimize the Project during the ramp-up period to potential commercial production. The Loan Facility has a five-year term that will mature on May 12, 2020, with the entire principal amount payable at maturity. The Loan Facility bears an annual cash interest rate of 7.5%, compounded quarterly. In consideration for the Loan Facility, the Company has issued 10,000,000 warrants to CPPIB. Each warrant entitles CPPIB to acquire one common share of Rubicon for a period of five years from the date of closing at an exercise price of C$1.715, which represents a 30% premium to the five-day volume weighted average price of Rubicon shares on the Toronto Stock Exchange on closing. The common shares eligible for purchase through the warrants equate to approximately 2.5% of Rubicon’s existing issued and outstanding shares. Rubicon has received the entire US$50 million from the Loan Facility, less applicable fees. |
TSX, Reporting Issuer Status. Use commercially reasonable efforts to maintain the listing of its Common Shares on the TSX (or any other recognized stock exchange in Canada or the United States where the Common Shares are listed at such time) and maintain its status as a reporting issuer under the Canadian Securities Laws of each of the Provinces of Canada, unless the decision to cease such listing or cease to be a reporting issuer results from the completion of a takeover bid or other transaction which has been accepted or approved by the requisite number of the Borrower’s shareholders
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