Vancouver mining exploration company secures $85 million HSBC loan to replace asset-backed commercial paper.
Vancouver's Redcorp Ventures Ltd. (TSX:RDV) has obtained an $85 million loan with HSBC Bank Canada.
The loan will be secured as a first charge against new long-term notes that are expected to be issued to the mining exploration company in replacement of its existing $91.4 million in asset-backed commercial paper, based on the court-approved proposal to fix the ABCP market in Canada.
Advance of the loan is subject to the final approval of the ABCP proposal by the Pan-Canadian Investors Committee and release by Redcorp of all claims against HSBC Canada relating to the company's ABCP investments.
The new loan will replace the $64 million loan with HSBC announced in late April.
Redcorp's share price range during the past week: between $0.13 and $0.15; 52-week high: $0.35; 52-week low: $0.10.