TORONTO, ONTARIO--(Marketwired - Jul 4, 2013) - Asian [wp=1397]Mineral Resources Ltd.[/wp] ("AMR") (TSX VENTURE:ASN) is pleased to announce that its 90%-owned subsidiary, Ban Phuc Nickel Mines LLC ("BPNM"), has today entered into an agreement with LienViet Post Bank ("LPB") for the provision of a US$20 million project financing loan for its Ban Phuc Nickel Project (the "Project Finance Loan"). Upon closing of the Project Finance Loan agreement, the previous cash collateral loan with LPB, announced on June 6, 2013, lapses, and the cash collateral will be released for BPNM's use.
The Project Finance Loan has a tenor of three and a half years, carries an interest rate of LIBOR plus 6.5%, and will be secured against the assets of BPNM. First principal payment is due in March 2014. Drawdown is subject to certain conditions precedent customary for a financing of this type.
Mr. Simon Booth, CEO of AMR, stated, "The signing of the loan agreement with LPB provides all of BPNM's remaining funding requirement to take the Ban Phuc Nickel Project through its ramp-up period. Coming on the heels of the commissioning of the mine last week, AMR is now a fully-financed nickel producer. In partnering with a Vietnamese bank, we look forward to establishing a long-term relationship that will help BPNM as it looks to future growth projects such as a potential smelter and regional expansion possibilities."
Company Profile:
Asian [wp=1397]Mineral Resources Ltd.[/wp] is a Canadian TSX-V listed company with a nickel producing mine, the Ban Phuc Nickel Project, located 160 km west of Hanoi in Son La Province, Vietnam. The project produces a high-quality nickel concentrate, with a significant copper by-product. For further details on the Ban Phuc Nickel Project and AMR, please refer to the technical report entitled "NI 43-101 Technical Report - Ban Phuc Nickel Project" dated February 15, 2013 available on SEDAR, and also visit the company website at Forward-Looking Statements
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding completion of the project and the achievement of expected benefits, potential mineralization and reserves, exploration results and future plans and objectives of AMR are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AMR's expectations are disclosed under the heading "Risk Factors" in AMR's Annual Information Form and elsewhere in AMR's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. Forward-looking statements are qualified entirely by this cautionary statement and are given only as at the date of this press release. AMR disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
