VANCOUVER, BC
, Sept. 10, 2024 /CNW/ - Horizon Copper Corp. (TSX-V: HCU) (OTCQX: HNCUF) ("Horizon Copper", "Horizon", or the "Company") is pleased to announce that it has entered into a revolving credit agreement with National Bank of Canada and The Bank of Nova Scotia allowing the Company to borrow up to US$30 million (the "Revolving Loan"), with an additional uncommitted accordion of up to US$20 million, for total availability of up to US$50 million. The Revolving Loan has a term of four years, maturing in September 2028 and is extendable subject to approval by the lenders. Horizon intends to use the Revolving Loan for future asset acquisitions, its funding requirements related to the development of the Hod Maden project, and general corporate purposes. The amounts drawn on the Revolving Loan are subject to interest at SOFR plus a variable spread of between 2.50%–3.75%, and the undrawn portion of the Revolving Loan is subject to a standby fee of between 0.56%–0.84% per annum, both of which are dependent on the Company's leverage ratio. Under the terms of the credit agreement, the Company is required to maintain a leverage ratio of less than 4.0x, excluding all existing debt held by Horizon's strategic growth partner, Sandstorm Gold Ltd.
"We are pleased to expand our financing capabilities with this new Revolving Loan," commented Erfan Kazemi, Horizon's President & CEO. "This credit facility, coupled with our existing cash reserves, improves Horizon's financing flexibility as we look to grow the Company and continue to invest in the development work at Hod Maden."
ABOUT HORIZON COPPER
Horizon Copper is a premier copper company holding a portfolio of unparalleled copper assets including a 1.66% net profits interest on the Antamina copper mine, exposure to the Oyu Tolgoi copper mine through a 24% equity ownership in Entrée Resources Ltd., and a 30% interest in the copper-gold Hod Maden project. Horizon plans to actively grow its portfolio of assets with a focus on copper projects.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking information within the meaning of Canadian securities laws. Although Horizon believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by Horizon is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to the use of the Revolving Loan including future asset acquisitions and other risks and factors that the Company is unaware of at this time. The forward-looking statements contained in this press release are made as of the date of this press release. Horizon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in Horizon's Annual Information Form for the year ended December 31, 2023, filed under the Company's profile on SEDAR+ (www.sedarplus.ca), as well as subsequent filings that can also be found under the Company's profile.
Neither the 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.
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SOURCE Horizon Copper Corp.
