Adanac Molybdenum Corp. (TSX:AUA) has signed a term sheet with an unnamed global institutional investor to provide $80 million in bridge financing to help fund its flagship Ruby Creek molybdenum project near Atlin, B.C.
The $80 million financing is part of the $750 million Adanac plans to raise through debt and equity to fund Ruby Creek's development. The company hopes to raise the capital by the summer.
The announcement was made a little over a week after the Canadian Environmental Assessment Act study of the Ruby Creek project began.
The term sheet, in the form of senior secured notes, is subject to regulatory approval. Final acceptance of the deal is expected by mid-May.
Adanac's share price range during the past week: between $0.52 and $0.59; 52-week high: $2.67; 52-week low: $0.51.