Sprott Facility definition

Sprott Facility means the US$45,000,000 senior secured operating loan facility pursuant to the credit agreement among the Corporation and Sprott Resource Lending Partnership, among others, dated as of February 13, 2015, as amended by the Amended and Restated Sprott Credit Agreement;

Sprott Facility means the $20 million senior secured credit facility dated August 15, 2019, with Sprott Private Resource Lending II (Collector), LP and other lenders party thereto which was to mature on August 14, 2022, but was fully repaid in February 2022.

Sprott Facility means a credit agreement dated as of August 31, 2011, between the Parent, as borrower, the Borrower and Atna Resources Inc., as guarantors, and Sprott Resources Lending Partnership, as lender (as amended, supplemented, restated or otherwise modified from time to time until the date hereof).

Examples of Sprott Facility in a sentence

• On November 7, 2016, the Company entered into an agreement with Sprott Private Resource Lending (Collector) LP ("Sprott Lending") for a secured loan facility (the "Sprott Facility") totaling $10.0 million (“Tranche 1”) to fund accelerated growth exploration initiatives.

• On June 9, 2017, the Company entered into an agreement with Sprott Lending for an additional tranche of the Sprott Facility totaling $5.0 million (“Tranche 2”).

• The Company incurred transaction costs, totaling $246,000, to obtain Tranche 2 of the Sprott Facility, which includes legal fees, transaction fees, listing fees, and common share issuance (valued at $116,000).

• Tranche 2 of the Sprott Facility is payable over a term of 36 months, in equal monthly repayments of principal, plus interest, with an interest rate of 6.5% per annum, plus the greater of US dollar LIBOR or 1.25% per annum.

• Tranche 1 of the Sprott Facility is payable over a term of 30 months, in equal monthly repayments of principal, plus interest, with an interest rate of 6.5% per annum, plus the greater of US dollar LIBOR or 1.25% per annum.

• The Company incurred transaction costs, totaling $584,000, to obtain Tranche 1 of the Sprott Facility, which includes legal fees, transaction fees, listing fees, and common share issuance (valued at $366,000).

• The Company has a right to refinance the Sprott Facility or the LMM Facility, subject to certain rights granted to LMM under the PPA.

• Unexpected costs, problems, lower metal prices or further delays could severely impact the Company’s production revenue and its ability to produce the tonnage at the Maseve Mine required to maintain positive working capital and meet its production covenants under the Sprott Facility and the LMM Facility (both as defined below).

• The loss on debt extinguishment includes $1,024 of expense related to the unamortized fees on the Sprott Facility and $214 of related legal expenses.

• In addition, a prolonged period of lower platinum, palladium and gold prices could result in the Company breaching one or more covenants with regard to the Sprott Facility and LMM Loan Facility, resulting in default.

More Definitions of Sprott Facility

Sprott Facility means the Project 1 senior secured operating loan facility pursuant to the term sheet between the Corporation and Sprott Resource Lending Partnership dated December 9, 2014 which contemplates that Sprott Resource Lending Partnership will, subject to satisfaction of certain conditions precedent, including, but not limited to, the satisfactory completion of all due diligence, lend to the Company up to a total of US$40,000,000;

Sprott Facility means the US$40,000,000 senior secured operating loan facility that the Corporation drew down on November 20, 2015 pursuant to the credit agreement among the Corporation and Sprott Resource Lending Partnership, among others, dated February 13, 2015, as amended by the modification agreement dated November 19, 2015 between the Corporation and Sprott Resource Lending Partnership, among others, and the Sprott Second Modification Agreement;