(RTTNews) – ECU Silver Mining Inc. (ECU.TO: News ) said it reached an agreement with its lender, IIG Capital LLC, to amend the terms and conditions of its debt facility. The current agreement, which was executed on November 1, 2009, is scheduled to mature on October 31, 2011. The facility would be extended by an additional twenty six months and the new maturity of the facility would be December 31, 2013.
Principal repayments of the amended facility would be paid on a consecutive monthly basis and would commence on July 31, 2011 and end on December 31, 2013. The basic interest rate applied to the daily outstanding loan balance would be 6 percent above 3-Month LIBOR and would be subject to a minimum annual interest rate of 12%. Interest would be payable on a quarterly basis.
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