Monday, March 12, 2012
Financing for restart of Catalina Mtns copper mine
There's an interesting item in the Canadian news that Oracle Mining Corp. announced that it has "entered into a non-binding, indicative term sheet for project financing with Credit Suisse AG for a secured term loan of up to US$70 million in order to advance its Oracle Ridge Copper Mine re-start project in Arizona." The Oracle Ridge mine is in the Catalina Mountains northeast of Tucson. [Right, mine site. Credit, Oracle Mining]
But what also got my attention was the notice that this announcement is "Not for distribution to United States newswire services or for dissemination in the United States of America." I won't claim to understand Canadian securities law, but given the global nature of the Web, how can they expect we won't be able to read this news?
Anyway, the company says their goal is to restart the Oracle Ridge copper mine by the end of 2013.