Empress Royalty’s subsidiary signed a US$75 million senior secured credit facility with Appian Empire Loanco to help fund a Tongon gold stream.
US$55 million initial draw is expected at closing for the US$62 million upfront payment; US$20 million deferred commitment is earmarked for acquisitions.
Pricing is set at 7.50% per year plus three-month Term SOFR, with a 3.50% minimum Term SOFR; interest is payable quarterly in cash.
The facility runs 36 months from closing with no scheduled principal amortization in the first 12 months and is secured by first-priority liens.
The lender will receive warrants tied to borrowings: 2.2% fully diluted at the initial draw, up to 0.80% for deferred draws; initial strike is C$1.17.
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