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Silver Bear inks US$48.4M package to develop Mangazeisky project

Silver BearResources Inc. said April 28 that it has entered into a nonbindingterm sheet with its major shareholders, Inflection Management Corp. Ltd. andA.B. Aterra ResourcesLtd., regarding an approximately US$48.4 million funding package.

The company plans to use the funds to proceed with the finaldevelopment, construction and commissioning of its silver project inRussia.

The funding package will consist of a US$42.9 millionsecured loan, a working capital facility of US$3.5 million and a contingencyfacility of US$2 million.

Under the terms, a portion of the secured loan facility willbe used to repay the principal and accrued interest on certain outstandingpromissory notes previously issued by the company to the lenders.

Following the repayment of the outstanding promissory notes,the funding package would result in the net new funding of approximately US$17million to the company.

The company expects its Russian unit to be the borrower underthe debt funding package.