SOURCE: Alloycorp Mining Inc.

Alloycorp Mining Inc.

October 09, 2015 07:00 ET

Alloycorp Issues Shares in Lieu of Cash for Interest Payable Under Terms of RCF Bridge Loan and RCF Preconstruction Loan

TORONTO, ON--(Marketwired - October 09, 2015) - Alloycorp Mining Inc. (TSX VENTURE: AVT)("Alloycorp" or the "Company") announced today that in accordance with the terms of the Amended and Restated Loan Agreement (the "Bridge Loan") dated July 12, 2013, as amended on December 31, 2014, among Alloycorp, its wholly-owned subsidiary, Avanti Kitsault Mine Ltd. ("AKM"), Resource Capital Fund IV, LP ("RCF IV") and Resource Capital Fund VI, LP ("RCF VI"), Alloycorp has made interest payments in the aggregate amount of US$500,000 for the period from July 1, 2015 to September 30, 2015 by delivering to each of RCF IV and RCF VI, 6,711,000 common shares. In addition, in accordance with the terms of the Preconstruction Loan Agreement dated December 19, 2013, as amended on December 31, 2014, among Alloycorp, AKM and RCF VI, Alloycorp has made interest payments in the amount of US$1,000,000 for the period from July 1, 2015 to September 30, 2015 by delivering to RCF VI 26,844,000 common shares. All such shares will be subject to a four-month hold period.

About Alloycorp

Alloycorp is a TSX-Venture listed company headquartered in Toronto with an operations office in Vancouver. Alloycorp's strategy is to become the unique supplier of steel alloy metals. Cornerstone to this strategy is the development of the Kitsault molybdenum project. Parallel to this, Alloycorp is seeking to grow through the acquisition of other assets with commodities that supply to the steel alloys industry.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, please contact:
    Shawn Howarth
    Vice President, Corporate Development and Investor Relations
    (416) 847-0376