On August 21, 2024, Bear Creek Mining Corporation announced that it had drawn down $750,000 in funds from a secured promissory note dated January 22, 2024. This draw represents $375,000 in Additional Credit for each of July and August 2024. The funds will be used for ongoing exploration work at Mercedes and general working capital purposes.
According to the terms of the promissory note, Sandstorm Gold Ltd., the affiliated party, has made credit available to Bear Creek Mining up to $375,000 per month from February 2024 to August 2024. Sandstorm also has the option to convert the amounts drawn under the Additional Credit into common shares of the company at any time before September 22, 2028, subject to approval from the TSX Venture Exchange.
To date, a total of $2,625,000 has been drawn down under the Additional Credit, resulting in a total outstanding principal amount of $21,642,612.35 under the Sandstorm Promissory Note. It is important to note that no further funds may be drawn down under the Additional Credit facility.
Bear Creek Mining is a precious metals producer with a development asset in Sonora, Mexico, and a silver-polymetallic deposit in Puno, Peru. The company’s head office is located in Vancouver, BC, with field offices in Hermosillo, Mexico, and Lima, Peru.
It is essential to be cautious when considering forward-looking information provided in this release, as it involves inherent risks and uncertainties. Factors such as regulatory approvals and the company’s ability to meet its obligations under the promissory note should be carefully considered. Investors are advised to review the company’s latest Annual Information Form for additional risk factors and potential events that may affect future results.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Source: Bear Creek Mining Corporation.
