RES Canada construction LP [Canadian Construction]

RES Canada construction LP

Alloycorp MiningAlloycorp Mining Inc (TSX-V: AVT) has arranged for US$435 million in financing to develop its Avanti Kitsault Project, a molybdenum mine located north of Prince Rupert, British Columbia that is expected to reach production in 2017. Included in the financing package is a conditional equity commitment of US$140 million from U.S. private equity firm Resource Capital Funds (RCF), part of which will be used to repay an outstanding bridge loan facility. The company has also received a conditional equity commitment of about US$70 million from several RCF limited partners. Formerly known as Avanti Mining Inc, Alloycorp has its headquarters in Vancouver.

PRESS RELEASE

Alloycorp Mining Announces Arrangements for US$435 Million in Financing, Update on Project Development and Filing of Year-End Financial Statements and MD&A

TORONTO, ON–(Marketwired – March 30, 2015) – Alloycorp Mining Inc. (TSX VENTURE: AVT) (“Alloycorp” or the “Company”) is pleased to provide shareholders with an update on the financing and development of the Avanti Kitsault Project (“Avanti Kitsault” or the “Project”). A number of significant achievements have been completed since the Company’s general corporate update announced November 11, 2014. The details of the Company’s significant activities are as follows:

Update on Avanti Kitsault Financing

The Company continues to pursue credit commitments from a syndicate of lenders (collectively, the “Lenders”) mandated on July 29, 2014, to provide secured financing facilities for US$612 million for the development of Avanti Kitsault. As at March 26, 2015, credit approvals for US$225 million have been provided by two lenders, while one lender has declined participation in the facility. The remaining three lenders continue to work towards final credit approval, while other new lenders are reviewing their participation in the syndicate.

“We are pleased with the progress we have made with our Lenders to-date, ” said Gordon Bogden, President and CEO of Alloycorp. “Despite a volatile price environment for molybdenum and resource commodities in general, observed over the past few months, their continued support is a testament to the quality of the Avanti Kitsault asset and its management team.”

In addition to the debt financing, Alloycorp continues to pursue a range of equity financing alternatives to complete construction capital requirements. To date, the Company has received a conditional equity investment commitment (the “RCF Commitment”) of US$140 million from Resource Capital Fund VI L.P. (“RCF”), of which US$50 million will be used to repay the outstanding secured bridge loan facility with RCF. In addition to the RCF Commitment, the Company has also received a conditional equity investment commitment of approximately US$70 million from several limited partners of RCF. The completion of the secured financing facilities and the equity investments are subject to conditions including ongoing due diligence, negotiation and execution of definitive documentation, negotiation of terms, regulatory approvals and other customary conditions.

Mr. Bogden added, “Including debt and equity commitments received to-date, US$435 million in total funding has been arranged. This is a significant portion of our total project financing at Avanti Kitsault.”

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