torex lenders extend waiver on liquidity covenant
TORONTO, Ontario, January 31, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces that its wholly owned subsidiary, Minera Media Luna, S.A. de C.V. (“MML”), has received an extension to the previously announced waiver signed by BNP Paribas, as Administrative Agent, on behalf of the Lenders. This waiver lowers the liquidity covenant threshold in the amended and restated credit agreement dated July 21, 2017, from US$50 million to US$30 million until February 28, 2018, with the proviso that the remaining US$25 million available under the credit agreement, which is not yet drawn, is counted toward meeting the liquidity covenant threshold but it may not be drawn by MML.
Fred Stanford, President & CEO of Torex stated: “This extension to the previously agreed waiver on the part of the lenders provides an extra level of comfort to temporarily minimize any risk of covenant breach while we endeavor to re-start operations at the ELG Mine. Once again, our appreciation to the Lenders for their unwavering support.”