Thompson Creek announces increased financial flexibility from voluntary termination of $35 million revolving credit facility
05 Febrero 2010 - 5:05AM
PR Newswire (US)
NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, Feb. 5
/PRNewswire-FirstCall/ -- Thompson Creek Metals Company Inc.
("Company"), one of the world's largest publicly traded, pure
molybdenum producers, today announced that it has increased its
financial flexibility by voluntarily terminating an existing $35
million credit facility, which was established when the Company was
in a substantially different financial position and which is no
longer meeting its business needs. As of January 29, 2010, Thompson
Creek had cash and short-term investments of approximately $507
million and no debt except for outstanding equipment loans of
approximately $13 million. The termination of the first lien
revolving collateralized line of credit facility, effective
February 2, 2010, will provide Thompson Creek with more financial
flexibility by releasing the liens on the Company's assets securing
this facility. In addition, the associated administrative and
unused credit facility fees will be eliminated. As of the
termination date, there were no outstanding borrowings under this
facility and Thompson Creek was in compliance with all of the
applicable covenants. Thompson Creek is currently assessing its
long-term business requirements for other forms of credit. The
credit facility was originally negotiated as part of the 2006
financing for the acquisition of Thompson Creek USA, and then in
August 2008, following the full repayment of the amounts
outstanding under the original financing, was amended and increased
from $22.5 million to $35 million. Since the facility was amended,
there have not been any borrowings under the facility and it was
scheduled to mature on October 26, 2011. About Thompson Creek
Metals Company Inc. Thompson Creek Metals Company Inc. is one of
the largest publicly traded, pure molybdenum producers in the
world. The Company owns the Thompson Creek open-pit molybdenum mine
and mill in Idaho, a metallurgical roasting facility in Langeloth,
Pennsylvania and a 75% share of the Endako open-pit mine, mill and
roasting facility in northern British Columbia. Thompson Creek is
evaluating the Mount Emmons Deposit, a high-grade underground
molybdenum deposit near Crested Butte, Colorado. Thompson Creek has
an option to acquire up to 75% of the Mount Emmons Deposit. The
Company is continuing to pursue permitting of the Davidson Deposit,
a high-grade underground molybdenum deposit near Smithers, B.C. The
Company has approximately 750 employees. Its principal executive
office is in Denver, Colorado, and it also has an office in
Toronto, Ontario. More information is available at
http://www.thompsoncreekmetals.com/. Cautionary Note Regarding
Forward-Looking Statements
---------------------------------------------------- This news
release contains "forward-looking information" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation which may
include, but is not limited to, statements with respect to the
timing and amount of estimated future production. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Thompson Creek and/or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include the future price
of molybdenum, the estimation of mineral reserves and resources,
the realization of mineral reserve estimates and those factors
discussed in the section entitled "Risk Factors" in Thompson
Creek's current annual information form which is available on SEDAR
at http://www.sedar.com/ and is incorporated in its Annual Report
on Form 40-F filed with the United States Securities and Exchange
Commission which is available at http://www.sec.gov/. Although
Thompson Creek has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable
securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. Readers should refer to
Thompson Creek's current annual information form which is available
on SEDAR at http://www.sedar.com/ and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at
http://www.sec.gov/ and subsequent continuous disclosure documents
available at http://www.sedar.com/ and http://www.sec.gov/ for
further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
CONTACT: Wayne Cheveldayoff, Director of Investor Relations,
Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free:
1-800-827-0992, ; Dan Symons, Renmark Financial Communications
Inc., Tel.: (514) 939-3989, DATASOURCE: Thompson Creek Metals
Company Inc. CONTACT: Wayne Cheveldayoff, Director of Investor
Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438,
Toll free: 1-800-827-0992, ; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989,
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