Silver Bow Mining Secures 5 Million Dollar Note for Key Projects
Silver Bow Mining Corp. (AMEX:SBMT) has entered into a note purchase agreement with Ocean Partners UK to secure a 5 million dollar promissory note. The deal, which became effective on October 2, 2026, provides the company with immediate capital to advance its ongoing mining initiatives.
The newly raised funds are earmarked to finance the company's Rainbow Block project and to support its progress toward acquiring the Jefferson County Metallurgical Complex. To secure the funding, Silver Bow Mining Corp. has pledged a first-priority interest in a 28.58 million dollar MTGF note. The loan bears interest at the 12-month Secured Overnight Financing Rate plus 6.75 percent, with payments due monthly until it matures on March 31, 2027.
Market participants will be watching the progress of the Jefferson County Metallurgical Complex acquisition. If the transaction closes before the note matures, the outstanding debt will be credited against a planned concentrate prepayment facility. Otherwise, the company will be required to repay the principal and accrued interest in a single lump sum at maturity.
Key points
- Silver Bow Mining Corp. secured a 5 million dollar promissory note from Ocean Partners UK.
- The capital will fund the Rainbow Block project and help advance the Jefferson County Metallurgical Complex acquisition.
- The note carries an interest rate of 12-month SOFR plus 6.75 percent and matures on March 31, 2027.
- It is secured by a first-priority interest in a 28.58 million dollar MTGF note.
- If the acquisition closes early, the note will be credited against a planned concentrate prepayment facility.
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How we writeDisclaimerQuestions and answers
What is the purpose of the five million dollar note raised by Silver Bow Mining?
The funds will be used to finance the Rainbow Block project and to progress the acquisition of the Jefferson County Metallurgical Complex.
What are the interest rate and maturity date for the Silver Bow Mining note?
The note matures on March 31, 2027, and bears monthly interest at the 12-month Secured Overnight Financing Rate plus 6.75 percent.
How is the promissory note secured?
The note is secured by a first-priority interest in a 28.58 million dollar MTGF note.