Andean Precious Metals Corp. (TSXV: APM | OTCQX: ANPMF) through its wholly owned subsidiary, Andean PM, AB, has entered into an agreement for a 12-month US$25M renewable secured revolving line of credit with Banco Santander International.
The agreement is effective as of 28 February 2024. The LOC provides for US$25M to be used for general corporate purposes and is secured by short-term investments and cash equivalents. It bears interest on any outstanding borrowings at the three-month Secured Overnight Financing Rate (SOFR) plus 90 basis points.
“While we expect to maintain a strong year-end balance sheet as at 31 December 2023 with liquid assets of approximately US$72M, including an unaudited cash balance of US$65M, this LOC provides the company with continued financial flexibility and builds on our treasury management capabilities as we pursue our vision of being a multi-asset mid-tier precious metals producer.” stated Juan Carlos Sandoval, Andean’s CFO.
Andean Precious Metals Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The company owns and operates the San Bartolomé processing facility in Potosí, Bolivia and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth opportunities. Andean’s leadership team is committed to creating value; fostering safe, sustainable, and responsible operations; and achieving its ambition to be a multi-asset, mid-tier precious metals producer.
To read more about this, please visit www.andeanpm.com
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