Revett Minerals gets $20 million in funding

Revett Minerals Inc. announced Monday its wholly-owned subsidiary, the Revett Silver Co., has entered into a revolving credit agreement with Société Générale as administrative agent.

The $20 million credit facility is subject to interest at the London Interbank Offered Rate (LIBOR) plus 350 basis points for an initial three-year term.

“This credit facility gives us flexibility as we continue to develop and extend mine life at Troy and gear ourselves up for development at Rock Creek,” said Revett President John Shanahan.

“It is important we fully utilize cash flows from the Troy Mine to seed our next stage of growth, particularly at current low interest rates.”

Revett Silver Company is the designated borrower under the facility. Revett Minerals Inc., Troy Mine Inc. and RC Resources, Inc. are guarantors of the facility.

Draws under the facility may be in the form of revolving credit loans or letters of credit.

“This credit facility also enables us to enter into the debt markets and establish a track record as we plan our funding options for Phase II development of the Rock Creek project,” Shanahan said.