On November 29, 2022, SilverCrest Metals Inc. refinanced its US$120 million secured project financing facility, of which only US$90 million was drawn, with a new US$120 million senior secured credit facility through a syndicate of lenders comprised of The Bank of Nova Scotia and Bank of Montreal.
The credit facility includes a US$50 million term facility and a US$70 million revolving facility. On closing of the credit facility, SilverCrest fully drew the US$50 million term facility and will use US$40 million of its cash balance to repay the existing US$90 million project financing facility, which was with an affiliate of RK Mine Finance. The revolving facility of US$70 million will be available to SilverCrest until November 27, 2026 for general corporate purposes and working capital.
Cassels acted for SilverCrest.