Northland Receives Final Credit Approval for the Senior Loan
(Thomson Reuters ONE) -
Luxembourg, January 26, 2011: Northland Resources S.A. (TSX: NAU, OSE: NAUR -
"Northland" or "the Company") is pleased to announce that the three lead banks:
Société Générale, WestLB AG, and UniCredit Bank AG as well as Caterpillar
Financial have collectively given final credit approval for USD 175 million of
commitments in the Senior Loan Facility. The approvals are subject to
satisfactory legal documentation and customary conditions precedent.
The Senior Loan is for up to USD 400 million. Syndication will be launched
during the second quarter 2011 and the first drawdown of the Senior Loan is
planned for mid 2012. The Facility will be used to cover part of the capital
expenditures for the Kaunisvaara Project.
In addition to its approval for the Senior Loan Facility, Caterpillar Financial
has also given its credit approval for the previously announced financial lease
facility of up to USD 50 million for mobile equipment.
"With the successful equity raise, the credit approvals from the three lead
banks and Caterpillar; together with Caterpillar's approval for the financial
lease and the Standard Bank and Stemcor facilities, we can now focus on
finalising the negotiations with the suppliers of the process equipment and the
civil works. As we move through the construction phase, keeping the project on
budget and schedule remains a top priority." said Karl-Axel Waplan, Northland's
Chief Executive Officer.
Northland is a development-stage mining company with a portfolio of iron
projects in northern Sweden and Finland. Northland's Kaunisvaara Project
contemplates the staged development of magnetite iron ore deposits that would
provide feed to a single, multi-line processing facility in Sweden, producing a
high-grade, high-quality magnetite iron concentrate. The results of the
Feasibility Study on the Kaunisvaara Project were released September 27, 2010.
"Karl-Axel Waplan"
President & CEO
Northland Resources S.A.
For more information, please contact:
Karl-Axel Waplan, President and CEO: +46 705 104 239
Anders Hvide, Executive Chairman: +47 92 88 98 58
Eva Kaijser, Chief Financial Officer: +46 70 932 09 01
Marguerite Manshreck-Head, Investors Relations, Canada: + 1 647 224 7882
Or visit our website: www.northland.eu
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Northland Resources S.A. via Thomson Reuters ONE
[HUG#1482470]
Unternehmensinformation / Kurzprofil:
Datum: 26.01.2011 - 07:55 Uhr
Sprache: Deutsch
News-ID 50734
Anzahl Zeichen: 3232
contact information:
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Kategorie:
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