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| Home : MagIndustries Receives Conditional Funding Commitment from China Development Bank for the Mengo Project |
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Nov 21
2013 |
MagIndustries Receives Conditional Funding Commitment from China Development Bank for the Mengo Project |
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TORONTO, ONTARIO--(Marketwired - Nov. 21, 2013) - MagIndustries Corp. (TSX:MAA) (the "Company" or "MagIndustries") announced today that it has received a Letter of Commitment (the "LOC") from the China Development Bank ("CDB") related to the majority of the funding required to complete the construction of its proposed 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo (the "Project"). The LOC is a conditional commitment by CDB in favour of the borrower of record, MagMinerals Potash Corp. (the "Borrower"), a wholly owned subsidiary of the Company, to arrange a syndication loan (the "Loan") for an amount up to US$740 million with a term of 12 years in connection with the Project, in which CDB will provide up to US$370 million as the lead arranger. |
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| Source:http://www.marketwired.com/mw/release.do?id=1855315&sourceType=3 |
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