US$25M financing & offtake Agreement with Glencore

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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US$25M financing & offtake Agreement with Glencore

posted on Aug 28, 2017 06:56PM

https://hotcopper.com.au/threads/ann-us-25m-financing-offtake-agreement-with-glencore.3643779/?post_id=26823810#.WaSe0p8pDqA

Aug 29 (Reuters) - Champion Iron Ltd (CIA)

$25m financing & offtake agreement with Glencore
Off-Take arrangements with Glencore in connection with Bloom lake mine restart
Commitment also contemplates that QIO and Glencore will enter into an off-take agreement with fixed terms for 10 years
reducing expected size of its previously announced public offering of subscription from approximately c$50 million to up to c$20 million
Debenture will have a term to maturity of 8 years and bear interest at a rate of 12% for first year
Glencore will also have right to nominate one person to board of directors of champion, subject to shareholder and regulatory approvals.

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