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REVETT MINING COMPANY, INC. FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

August 29, 2014



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.

On August 26, 2014, the registrant entered into a US $5.0 million loan agreement with a major equipment financing company. The agreement is collateralized by mobile and selected surface equipment at the Company's wholly owned subsidiary, Troy Mine, Inc. and bears interest at 6.25% per annum. Existing capital equipment leases in the amount of US $356,740, now form part of the new 30 month loan agreement.

Advances from this loan agreement will be used to complete the ongoing I Bed development programs at the Troy Mine in northwest Montana.

The company has mutually agreed to terminate, effective August 15, 2014, its existing US $20 million revolving credit facility with Societe Generale which was due to expire on December 31, 2014. The credit facility was not drawn upon. The company has no other debt, other than the debt incurred under the new loan agreement.


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Source: Edgar Glimpses


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