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.
