On August 10, 2018, McEwen Mining Inc. closed a US$50 million senior secured 3-year term loan facility with Royal Capital Management Corp. as agent for the lenders. The principal amount of the term loan will bear monthly interest at 9.75% per annum. Repayment occurs in twelve equal monthly instalments of US$2 million during the third year, with the remaining balance due on maturity.
The term loan will be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes.
Cassels Brock acted for Royal Capital with a deal team that included Jason Arbuck, Carla Potter, Jenna Clark and Amanda Scolieri (Financial Services), Tom Kapsales (Real Estate), Jim Morand (Tax) and Jay Goldman (Securities).