​Oracle Mining Corp. closes loan Facility

Date closed: 12/17/2014

Value: See below

On December 17, 2014,  Oracle Mining Corp. (Oracle) closed a secured convertible loan facility for an aggregate minimum principal amount of US$6.7 million (the Loan) and a warrant for up to C$20 million with Vincere Resource Holdings LLC (Vincere). Vincere is a private entity, specializing in investing in late-stage mining projects that can be taken into production within 18 months.  The Loan will mature on December 17, 2015, though it may be extended for up to six months at Vincere's option.

Oracle intends to use the net proceeds from the Loan towards funding the completion of the technical work necessary to prepare the Oracle Ridge copper project, located 24 km northeast of Tucson, AZ, for construction including permitting, for partial elimination of indebtedness with Rich Stone Mining Investment (Hong Kong) Limited and for working capital and general corporate purposes.

Oracle, headquartered in Vancouver, British Columbia, is a mining company.

BLG represented Oracle with a team led by Graeme Martindale that included Scott Howie, Edward Wang, and Ryan Laity.