Hudson Resources, a Canadian mining concern, announced the completion of its debt funding arrangement for a Senior Loan of $13.0 million and a Subordinated Loan of $9.5 million, for a total of $22.5 million, in it’s 100% owned subsidiary, Hudson Greenland A/S.
At this time, both tranches have been committed to by Cordiant Capital Inc. Drawdown is expected to be available to Hudson Greenland shortly after confirmation that all conditions precedent have been received by the lender. This arrangement has allowed Hudson to complete its funding requirements and maintain its current construction schedule to have the White Mountain project in production in 2018.
As per the original agreement, it is anticipated that the European Investment Bank (“EIB”) will assume the senior finance contract from Cordiant in the near future. Both loans have a term of…
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