Short-Term Loan for a Mineral Resource Company
Multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation, and development of precious metal properties with the vision to become the next sustainable high-quality mid-tier producer.
Loan Type: Short-Term Loan
Loan Amount: $32,000,000 CAD
Date: June 2019 - July 2022
Banks unwilling to support the acquisition of a processing plant and working capital needs.
Cortland provided a $25 million initial flexible credit facility to the borrower that consists both of a bridge loan and a revolving loan. The lending commitment then grew to $32 million.
The borrower has successfully paid out the outstanding credit facility and was able to migrate toward traditional financing at a lower cost.