The Company wishes to extend, subject to the TSX Venture acceptance, the deadline for the final closing of a non-brokered equity private placement financing of up to CA$2 million from December 15 to December 20, 2017. The first closing of the Private Placement occurred on October 31, 2017.
Primero Mining Corp. today announced that the Company has agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp., previously maturing on December 15, 2017. The maturity of the RCF has been extended to December 22, 2017, providing the Company with the ability to continue negotiations surrounding its previously announced strategic review process and the possible divestiture of its San Dimas mine in Mexico. There can be no certainty that these discussions will result in a resolution acceptable to all stakeholders.
We have reported the lowest production and earnings over the last two quarters in the ten years that we have operated San Martin mine. reported Robert Eadie, President of the Company. The San Martin mine has gone through a transition period where we experienced a lack of developed ore and capex investment during the change in management and introduction of the CIL plant. Our priorities going forward remain focused on exploration in areas that are open at depth, developing a mine plan that addresses our previous undeveloped ore stopes, and continuing with our strategy to carry out cost efficient mining.
Fred Stanford, President and CEO of Torex stated: Our thanks go out to the hundreds of individuals who have stepped up and publicly illustrated that the Company is making a meaningful contribution to society and that they are proud to be a part of that journey. With such an overwhelming show of support by our employees through this vote, we hope Los Mineros will remove its illegal blockade and let workers get back to work so that they can provide a good Christmas for their families. It is now clear that Los Mineros does not speak for our union eligible employees, who do not want their disruptive presence through the continuation of the blockade. He added, If Los Mineros, and their supporters, UNIFOR, and USW, are not legitimately speaking for our union eligible employees then presumably they are speaking for someone else. We assume they are speaking for themselves, and their political agendas in the Mexican federal presidential election and in the NAFTA negotiations. We would hope that these outside unions keep their political actions to the political arenas, and let the employees get on with their lives and go back to work. If Los Mineros, USW and Unifor truly care for these workers, then they will honour the workers vote and immediately lift the blockades, and limit political activity to political arenas.
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