MONTREAL, February 15, 2022 /PRNewswire/ — Tacora Resources Inc. (“Tacora”) today announced the expiration and final results of the previously announced Consent Solicitation (the “Consent Solicitation”) for its 8.250% Senior Notes maturing in 2026 (the “Notes”). The aggregate principal amount of Notes that were validly deposited and not validly withdrawn as of 5:00 p.m., New York City time, on February 14, 2022, the expiration date of the Consent Solicitation, as reported by the Tabulation Agent, was $173,030,000. , or 98.87% of the total outstanding principal amount of the Notes.
Tacora Resources Inc. Announces Completion of Consent Solicitation
The purpose of the consent solicitation was to obtain approval to amend and vary the indenture governing the Notes to permit the subscription of additional secured and unsecured indebtedness up to $50.0 million in the aggregate. Adoption of the Proposed Amendment required the receipt of valid and unrevoked consents from holders of at least a majority of the aggregate principal amount of the Notes (the “Required Consents”).
Noteholders who have validly issued (and not validly revoked) Consents will receive a Consent Payment equal to $10.00 in cash for each $1,000 principally of the Securities for which consent has been received (the “Consent Fee”). The Consent Solicitation has been made pursuant to the Consent Solicitation Statement.
Jefferies LLC served as the solicitation agent and IHS Markit served as the tabulating agent in connection with the consent solicitation. Requests for assistance in issuing consents or for additional copies of the consent solicitation statement should be directed to Ipreo LLC at (212) 849-3880 or (888) 593-9546 (toll free) or by e -mail to [email protected] or Jefferies LLC at (203) 708-5967 or email [email protected] This press release does not constitute an offer to sell securities and does not solicit an offer to buy securities.
About Tacora Resources Inc.
Tacora is a privately held company focused on producing and selling high quality iron ore products that improve the efficiency and environmental performance of steelmaking. The Company owns and operates the Scully Mine, a 6 million tonnes per annum iron ore concentrate producer located in Wabush, Newfoundland and Labrador, Canada, and owns Sydvaranger Mine, a mine located in Sør-Varanger, Norway, which is currently inactive with a recently completed feasibility study for an expansion to 4 million tonnes per annum of iron ore concentrate. The Company’s equity investors include funds managed by Proterra Investment Partners LP; Aequor Holdings LLC; Cargill, Inc.; a fund managed by Orion Mine Finance; Titlis Mining AS; and MagGlobal LLC. 100% of the concentrate from the Scully mine is purchased and marketed globally by a subsidiary of Cargill Inc. Additional company information is available at www.tacoraresources.com.
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements about Tacora’s plans, goals, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including plans, objectives, expectations and intentions and other factors. You should not place undue reliance on these forward-looking statements, which are based on information currently available to Tacora and speak only as of the date of this press release. Tacora undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is drawn to any other disclosures made on related matters in subsequent periodic reports filed with Computershare Trust Company, NA, as trustee under the indenture governing the Notes.
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SOURCE Tacora Resources Inc.