Niko Secures Credit Facility
Niko Resources Ltd. has reached agreement with the International Finance Corporation ("IFC"), of Washington D.C. for the establishment of a US $30 million (Cdn $47 million) facility to fund Niko's development activities on India's west coast. There is provision to expand the facility to US $40 million (Cdn $62 million) once operational milestones have been met.
The facilities and loan drawdowns are subject to a number of conditions precedent including IFC board approval, perfection of security and completion of all loan documentation. Once all conditions have been met the effective interest rate on the loan will be the 6-month LIBOR rate (currently 1.4%) plus 3%.