VANCOUVER, BC, Sept. 10, 2024 /CNW/ - Horizon Copper Corp. (TSX-V: HCU) (OTCQX: HNCUF) ("Horizon Copper", "Horizon", or the "Company") is pleased to announce that it has entered into a revolving credit agreement with National Bank of Canada and The Bank of Nova Scotia allowing the Company to borrow up to US$30 million (the "Revolving Loan"), with an additional uncommitted accordion of up to US$20 million, for total availability of up to US$50 million. The Revolving Loan has a term of four years, maturing in September 2028 and is extendable subject to approval by the lenders. Horizon intends to use the Revolving Loan for future asset acquisitions, its funding requirements related to the development of the Hod Maden project, and general corporate purposes. The amounts drawn on the Revolving Loan are subject to interest at SOFR plus a variable spread of between 2.50%–3.75%, and the undrawn portion of the Revolving Loan is subject to a standby fee of between 0.56%–0.84% per annum, both of which are dependent on the Company's leverage ratio. Under the terms of the credit agreement, the Company is required to maintain a leverage ratio of less than 4.0x, excluding all existing debt held by Horizon's strategic growth partner, Sandstorm Gold Ltd.
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