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MAG Silver Secures US$40MM Revolving Credit Facility from Bank of Montreal

November 15, 2021, 07:47 AM
Filed Under: Metals and Mining

MAG Silver Corp. signed a binding commitment letter with the Bank of Montreal (“BMO”) for a fully underwritten US$40 million revolving credit facility. Closing of the Facility is expected to occur by mid-December 2021 and is subject to the satisfaction of customary conditions, and completion of definitive documentation.

The Facility has a maturity date of December 31, 2024 and will be available for working capital and general corporate purposes, and provides MAG with additional liquidity and financial flexibility for its 44% share of the Juanicipio development and exploration costs should it be needed.

“We are very pleased to enter into a credit relationship with BMO, a leading financial institution in Canada,” said Mr. George Paspalas, President and CEO of MAG. “This $40 million facility bolsters our liquidity and increases our financial strength as we ramp up at Juanicipio and transition to commercial production.”

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