Braveheart Completes Concentrate Offtake Agreement and Stockpile Financing Facility with Ocean Partners
Calgary, Alberta--(Newsfile Corp. - April 21, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") is pleased to announce that it has completed security registration for the previously announced Pre-Payment Financing Facility (the "Facility") with Ocean Partners UK Ltd. ("Ocean") for the sale of its copper concentrates (with gold and silver credits) from its Bull River Mine ("Bull River") near Cranbrook, British Columbia as described in the Company's press release issued on March 13, 2021. Braveheart reports that it has made an initial draw of USD $1,000,000 from the Facility less the arrangement fee and expenses associated with due diligence and legal fees.
The Facility provides Braveheart with access to up to USD $3,500,000 which can be used for capital expenditures at Bull River including plant commissioning and general working capital purposes. Interest on any amounts drawn from the Facility is at 12-month LIBOR plus 8.75%. Any monies drawn on the Facility will be repaid as a flat deduction per dry metric tonne of concentrate produced. Subsequent draws will be subject to the Company meeting certain conditions precedent including receipt of an operating permit to dispose of tailings, completion of an equity raise to cover any remaining capital requirements to bring Bull River into production and commencement of milling of the surface stockpile.
Ian Berzins, President and CEO commented: "Braveheart's top priority is restarting Bull River. Access to this initial tranche allows Braveheart the flexibility to continue with capital upgrades at the mine including the commissioning of a 10 MVA transformer and related switchgear."
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.
