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Cours Or & Argent

Starcore International Ventures Ltd

Publié le 11 mai 2012

Secures $11 Million Loan to Buy Out the Hedge

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Mots clés associés :   Canada | G Mexico |

Re:       News Release - Thursday, May 10, 2012
Title:     Starcore Secures $11 Million Loan to Buy Out the Hedge

Vancouver, B.C. - Starcore International Mines Ltd. ("Starcore" or the "Company") is pleased to announce that it has entered into an agreement dated May 10, 2012 with Sprott Resource Lending Corp. ("Sprott Lending") pursuant to which Sprott Lending will provide the Company with an $11 million credit facility (the "Facility"), to be applied to settle Starcore's forward sales contracts with Investec Bank plc ("Investec").

The Facility bears interest at 11% per annum, compounded and payable monthly, with monthly principal payments to be made by Starcore commencing May 31st, 2012, with the final payment due on or before April 30, 2013. The Facility may be repaid in full without penalty after October 30, 2012. In consideration for the Facility, Sprott Lending was paid a structuring fee of $110,000 and issued one million common shares of the Company. The common shares are subject to a hold period expiring September 11, 2012. All amounts outstanding under the Facility will be repayable in the event of a change of control of the Company.

The Facility is guaranteed by the Company's wholly owned subsidiary Compa�ia Minera Pe�a de Bernal, S.A. de C.V. ("Bernal"), and will be secured by a fixed and floating charge and specific registration over all of the assets of the Company and Bernal, including the San Martin gold and silver mine in Queretaro, Mexico, and a pledge of all of the shares of Bernal held by the Company.

The Facility will be used to repay outstanding gold forward sales contracts between Bernal and Investec originally entered into in January 2007, when Starcore acquired Bernal and the San Martin mine. Repayment of the outstanding contracts is expected to occur on May 11, 2012. Upon repayment of the forward sales contracts, the Company will be released from all commitments to Investec under the January 31, 2007 convertible loan acquisition facility agreement.

"The Company's Board and management fully support the move to close out the hedge contracts to take advantage of the current gold market conditions as well as to allow the Company to move away from the restrictive covenants contained in our agreement with Investec that were limiting our ability to move forward," said Robert Eadie, CEO and Interim President of Starcore. "The Company expects to generate significant cash flow in the future and will be in a position to utilize this cash to further advance exploration on our property with a view to increasing reserves and resources and future production at San Martin."

ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.


Signed "Robert Eadie"               
Robert Eadie, Executive Chairman, Interim President and
Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the plans for the use of the net proceeds of the Facility are forward-looking statements. Although Starcore believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in the price of gold which result in the proceeds of the Facility being insufficient to cover the amount of the forward sales commitments, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Starcore, investors should review Starcore's Annual Information Form and annual Management Discussion & Analysis in Canada available on the SEDAR website at www.sedar.com. Starcore does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not place undue reliance on forward looking statements.


Copyright � 2012 STARCORE INTERNATIONAL MINES LTD. (SAM) All rights reserved. For more information visit our website at http://www.starcore.com/ or send email to info@starcore.com ..

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Starcore International Ventures Ltd

PRODUCTEUR
CODE : SAM.TO
ISIN : CA85525T1030
CUSIP : 85525T103
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Starcore International est une société d’exploration minière d'or basée au Canada.

Starcore International est productrice d'or, d'argent et de zinc au Mexique, et détient divers projets d'exploration au Mexique.

Son principal projet en production est SAN MARTIN (MEXICO) au Mexique et ses principaux projets en exploration sont CERRO DOLORES et EL TRANSITO au Mexique.

Starcore International est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,2 millions CA$ (3,8 millions US$, 3,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 02 février 2007 à 4,84 CA$, et son plus bas niveau récent le 05 décembre 2019 à 0,05 CA$.

Starcore International possède 49 146 851 actions en circulation.

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Financements de Starcore International Ventures Ltd
28/03/2011Arranges $2.5 million Financing
Attributions d'options de Starcore International Ventures Ltd
07/02/2012Dividend - 2013
Nominations de Starcore International Ventures Ltd
25/09/2012Appoints New Director
Rapports Financiers de Starcore International Ventures Ltd
11/12/2013Earns $2.3 million in the First Quarter
19/03/2012Reports Second Quarter Earnings of $3.5 Million and $6.7 Mil...
07/03/2011Reports Positive Financial Results From the Second Quarter o...
15/12/2009Reports Positive Financial Results from the First Quarter of...
Projets de Starcore International Ventures Ltd
30/01/2014Posts Best Annual Production since 2007; Company Reports on ...
07/11/2013Posts Six-Year Record Production Results in the 1st Quarter
15/08/2013Posts Record Quarter; Production Surges to 6.315 Gold Equiva...
21/05/2013Production Increases to 5,126 Ounces of Gold in 3rd Quarter
19/02/2013Production Update for the end of Q2
05/06/2012cores 18.2 meters grading 14.61 g/t gold and 113 g/t silver ...
21/03/2012San Martin Mine & Personnel Unharmed
24/05/2011Tailings Dam Expansion Approved for 16 More Years of Product...
27/03/2006to acquire gold mine in Mexico
Communiqués de Presse de Starcore International Ventures Ltd
18/01/2016Starcore Announces Results of Annual General Meeting
22/12/2015IIROC Trade Resumption - SAM
22/12/2015Starcore Clarifies Trading Halt
22/12/2015IIROC Trading Halt - SAM
15/12/2015Starcore Reports Q1 2016 Results
03/09/2015Starcore Closes Debt Settlement
19/08/2015Starcore Produces 4,694 Equivalent Gold Ounces in Fiscal Q4
11/08/2015Starcore Arranges Debt Settlement
10/08/2015Closing Of Plan Of Arrangement
13/07/2015Cortez Gold Securityholders Approve Plan Of Arrangement
17/03/2015Starcore Reports Second Quarter 2015 Results
19/02/2015Starcore Closes Acquisition of Creston Moly
17/02/2015Produces 5,130 Equivalent Gold Ounces in Fiscal Q2
17/02/2015Starcore Produces 5,130 Equivalent Gold Ounces in Fiscal Q2
04/02/2015Starcore Announces Results of Annual General Meeting
23/01/2015Starcore Acquires Creston Moly from Bankruptcy Trustee
09/12/2014Starcore Reports First Quarter 2015 Results
20/11/2014American Consolidated Shareholders Approve Plan of Arrangeme...
19/11/2014Starcore Posts First Quarter Production Results
29/10/2014Starcore Reports Fiscal 2014 Results
20/10/2014Starcore: Reserves of 486,586 Tons for San Martin Mine
01/10/2014Starcore International to Acquire American Consolidated Mine...
26/08/2014Starcore Announces Approval of Normal Course Issuer Bid
20/08/2014Starcore Announces Payment of Dividend to Shareholders, Norm...
11/08/2014Starcore Produces 24,037 Gold Equivalent Ounces in Fiscal 20...
13/06/2014Starcore International Mines Ltd.: Correction to June 12th N...
13/06/2014Starcore International Mines Ltd.: Correction to June 12th N...
12/06/2014Starcore Earns $1.24 Million in the Second Quarter
30/05/2014Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarte...
30/05/2014Starcore Produces 5,338 Gold Equivalent Ounces in 3rd Quarte...
17/02/2014Posts Third Consecutive +6,000 Ounce Quarter
22/11/2013Approves Advance Notice Policy
29/10/2013Year End Results
15/10/2013Mines Ltd.: Surface Drilling Begins at San Martin
09/10/2013Reserves of 705,998 tonnes for San Martin Mine
05/09/2013Mines Ltd.: Corporate Update
03/09/2013Pays Final $3.68 Million of Debt
15/08/2013CORRECTION FROM SOURCE: Starcore Posts Record Quarter
13/06/2013Mines Ltd.: Profitable Q3
15/03/2013Mines Ltd.: Return to Profit for Second Quarter of 2013
26/10/2012Reports Annual Earnings of $14.34 Million
15/06/2012Reports Third Quarter Earnings of $4.2 Million and $10.8 Mil...
05/06/2012Cores 18.2 Meters Grading 14.61 g/t Gold and 113 g/t Silver ...
15/05/2012Hedge Is Gone!
11/05/2012Secures $11 Million Loan to Buy Out the Hedge
07/05/2012Mines Ltd.: Jeff Hussey Joins Technical Advisory Board
30/04/2012Dr. Peter Megaw to Head Starcore's Technical Advisory Board
18/04/2012Bolsters its Technical Advisory Board
10/04/2012New Director for Starcore's Board
12/03/2012Mines Ltd.: Second Quarter Production for San Martin Mine Re...
02/02/2012Now Debt Free
31/01/2012Closes $2.25 Million Financing
24/01/2012Mines Ltd.: Private Placement Arranged
17/01/2012Reports Record Quarterly Earnings of $3.2 Million for First ...
09/12/2011President of Starcore Retires
22/09/2011Mines Ltd.: Reserves Increased to 586,318 Tons for San Marti...
29/08/2011Mines Ltd.: Production Results for San Martin Mine for the Y...
18/07/2011Intersects 20.6 g/t Gold and 274 g/t Silver Over 3.7 Meters ...
15/06/2011Earns $5.18 million from Mine Operations for Third Quarter o...
07/06/2011Mines Ltd.: Shareholders Approve Rights Plan and Financing
04/05/2011Mines Ltd.: SAM Vein Extended for 180 Meters of Strike Lengt...
12/04/2011Closes on $2.5 million Financing
23/03/2011Mines Ltd.: Cancellation of Security Interest
01/12/2009Closes on $2.2 million Financing
25/11/2009will be exhibiting at Mines and Money
18/11/2009Arranges $2 million Financing
12/11/2009Engages Financial Advisor
09/11/2009Wins Silver Helmet Award for its San Martin Mining Operation...
26/01/2009Receives Commitment for US$10 Million
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