Bear Creek Mining Announces Closing of Debt Amendments
Bear Creek Mining (BCEKF) has finalized debt amendments with Equinox Gold and Sandstorm Gold to temporarily defer monthly interest payments from February 2025 to November 2025, with payment now due on December 31, 2025. The deferral applies to three debt agreements: the Equinox Note (US$26 million), Sandstorm Convertible Debenture (US$22.5 million), and 2024 Sandstorm Note (US$21.6 million).
The deferred interest will accrue at 7% per annum, compounded monthly. Additionally, the company plans to issue a new 2025 Sandstorm Note worth up to US$6.5 million, with Sandstorm committing up to US$600,000 monthly for working capital. This new note, subject to TSXV approval, will have similar terms including a September 2028 maturity and 7% annual interest rate.
Bear Creek Mining (BCEKF) ha finalizzato le modifiche al debito con Equinox Gold e Sandstorm Gold per posticipare temporaneamente i pagamenti mensili degli interessi da febbraio 2025 a novembre 2025, con il pagamento ora dovuto il 31 dicembre 2025. Il rinvio si applica a tre accordi di debito: l'Equinox Note (26 milioni di dollari USA), il Sandstorm Convertible Debenture (22,5 milioni di dollari USA) e il 2024 Sandstorm Note (21,6 milioni di dollari USA).
Gli interessi posticipati accumuleranno un tasso del 7% annuo, con capitalizzazione mensile. Inoltre, l'azienda prevede di emettere un nuovo 2025 Sandstorm Note del valore di fino a 6,5 milioni di dollari USA, con Sandstorm che si impegna fino a 600.000 dollari USA mensili per il capitale circolante. Questo nuovo titolo, soggetto all'approvazione di TSXV, avrà termini simili, inclusa una scadenza a settembre 2028 e un tasso d'interesse annuale del 7%.
Bear Creek Mining (BCEKF) ha finalizado enmiendas de deuda con Equinox Gold y Sandstorm Gold para diferir temporalmente los pagos mensuales de intereses desde febrero de 2025 hasta noviembre de 2025, con el pago ahora debido el 31 de diciembre de 2025. La prórroga se aplica a tres acuerdos de deuda: el Equinox Note (26 millones de dólares EE. UU.), el Sandstorm Convertible Debenture (22,5 millones de dólares EE. UU.) y el 2024 Sandstorm Note (21,6 millones de dólares EE. UU.).
Los intereses diferidos acumularán un 7% anual, capitalizado mensualmente. Además, la empresa planea emitir un nuevo 2025 Sandstorm Note por un valor de hasta 6,5 millones de dólares EE. UU., con Sandstorm comprometiéndose hasta 600.000 dólares EE. UU. mensuales para capital de trabajo. Este nuevo título, sujeto a la aprobación de TSXV, tendrá términos similares, incluyendo un vencimiento en septiembre de 2028 y una tasa de interés anual del 7%.
베어 크릭 마이닝 (BCEKF)는 이퀴녹스 골드 및 샌드스톰 골드와 함께 2025년 2월부터 2025년 11월까지 월 이자 지급을 일시적으로 연기하기 위한 부채 수정안을 최종 확정하였으며, 이제 지급 기한은 2025년 12월 31일로 설정되었습니다. 이 연기는 세 가지 부채 계약에 적용됩니다: 이퀴녹스 노트 (2,600만 달러), 샌드스톰 전환 사채 (2,250만 달러) 및 2024 샌드스톰 노트 (2,160만 달러).
연기된 이자는 연 7%로 매월 복리로 누적됩니다. 또한, 회사는 최대 650만 달러의 가치를 지닌 새로운 2025 샌드스톰 노트를 발행할 계획이며, 샌드스톰은 운영 자본을 위해 매달 최대 60만 달러를 투자할 것입니다. 이 새로운 노트는 TSXV의 승인을 받아야 하며, 2028년 9월 만기 및 연 7%의 이자율을 포함한 유사한 조건을 가질 것입니다.
Bear Creek Mining (BCEKF) a finalisé des modifications de dette avec Equinox Gold et Sandstorm Gold pour différer temporairement les paiements d'intérêts mensuels de février 2025 à novembre 2025, le paiement étant désormais dû le 31 décembre 2025. Le report s'applique à trois accords de dette : l'Equinox Note (26 millions de dollars US), le Sandstorm Convertible Debenture (22,5 millions de dollars US) et le 2024 Sandstorm Note (21,6 millions de dollars US).
Les intérêts différés accumuleront un taux de 7 % par an, capitalisé mensuellement. De plus, l'entreprise prévoit d'émettre une nouvelle 2025 Sandstorm Note d'une valeur allant jusqu'à 6,5 millions de dollars US, Sandstorm s'engageant jusqu'à 600 000 dollars US par mois pour le fonds de roulement. Cette nouvelle note, soumise à l'approbation de la TSXV, aura des conditions similaires, y compris une échéance en septembre 2028 et un taux d'intérêt annuel de 7 %.
Bear Creek Mining (BCEKF) hat Schuldenänderungen mit Equinox Gold und Sandstorm Gold abgeschlossen, um die monatlichen Zinszahlungen vorübergehend von Februar 2025 bis November 2025 zu verschieben, wobei die Zahlung nun am 31. Dezember 2025 fällig ist. Der Aufschub gilt für drei Schuldenvereinbarungen: die Equinox Note (26 Millionen US-Dollar), die Sandstorm Convertible Debenture (22,5 Millionen US-Dollar) und die 2024 Sandstorm Note (21,6 Millionen US-Dollar).
Die aufgeschobenen Zinsen werden mit 7% pro Jahr, monatlich verzinst. Darüber hinaus plant das Unternehmen, eine neue 2025 Sandstorm Note im Wert von bis zu 6,5 Millionen US-Dollar auszugeben, wobei Sandstorm sich verpflichtet, bis zu 600.000 US-Dollar monatlich für Betriebskapital bereitzustellen. Diese neue Note, die der Genehmigung durch die TSXV unterliegt, wird ähnliche Bedingungen haben, einschließlich einer Fälligkeit im September 2028 und einem jährlichen Zinssatz von 7%.
- Successfully negotiated temporary interest payment relief until December 31, 2025
- Secured additional working capital through US$6.5 million Sandstorm Note commitment
- Maintained existing interest rates at 7% without penalty increases
- Significant debt burden with approximately US$70.1 million in total obligations
- Company requires interest payment deferrals indicating potential liquidity challenges
- Additional US$6.5 million debt being taken on through new Sandstorm Note
- Company seeking financial hardship exemption from minority shareholder approval requirements
Vancouver, British Columbia--(Newsfile Corp. - April 10, 2025) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that, further to the Company's news releases dated March 4, 2025, March 11, 2025 and March 20, 2025, it has closed the Amending Agreements (as defined below) with each of Equinox Gold Corp. ("Equinox Gold") and Sandstorm Gold Ltd. ("Sandstorm") to temporarily defer monthly interest payments from and including February 2025 to November 2025, payable pursuant to the Equinox Note, the 2024 Sandstorm Note and the Sandstorm Convertible Debenture (each as defined below), until December 31, 2025.
On October 19, 2023, the Company issued a secured convertible promissory note (the "Equinox Note") in the principal amount of approximately US
On January 22, 2024, as part of a restructuring transaction, the Company, among other things, (i) entered into an amended and restated convertible debenture between the Company and Sandstorm in the principal amount of approximately US
Pursuant to certain amending agreements (the "Amending Agreements"), the Company and each of Equinox Gold and Sandstorm have amended (collectively, the "Debt Amendments") each of the Debt Agreements, as applicable, whereby monthly interest payments payable from and including February 2025 to November 2025, are deferred until December 31, 2025 (the "Deferred Interest"). Interest automatically accrues on the Deferred Interest at the same rate applicable to the principal under the Debt Agreements, such rate being
Each of Sandstorm and Equinox Gold are a "related party" of the Company and the Debt Amendments constitute a "related party transactions" (as each term is defined in the policies of the TSX Venture Exchange ("TSXV") and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied on the specified markets exemption from the formal valuation requirement set forth in subsection 5.5(b) of MI 61-101 and the financial hardship exemption from the minority shareholder approval requirements set out in subsection 5.7(1)(c) of MI 61-101.
Further to the Company's news releases dated March 4, 2025, March 11, 2025 and March 20, 2025, the Company intends to issue a secured promissory note to a wholly-owned subsidiary of Sandstorm (the "2025 Sandstorm Note") in the principal amount of up to US
On behalf of the Board of Directors,
Eric Caba
President and Chief Executive Officer
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
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Cautionary Statement Regarding Forward-Looking Statements
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information can often be identified by forward-looking words such as "intend" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: the deferral of interest payments until December 31, 2025, the payment of the Deferred Interest on December 31, 2025, the Credit Extension and the 2025 Sandstorm Note including board of director and TSXV approval thereof. These forward-looking statements are provided as of the date of this news release, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them.
In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to assumptions related to the Company's operating results, business objectives, goals and capabilities. Although management considers the assumptions underlying its forward-looking statement to be reasonable based on information available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248151
FAQ
What is the total amount of debt being restructured by Bear Creek Mining (BCEKF)?
How much additional funding will BCEKF receive through the 2025 Sandstorm Note?
When will BCEKF's deferred interest payments from February-November 2025 become due?
What is the maturity date and interest rate for BCEKF's proposed 2025 Sandstorm Note?
