Endeavour Silver (EXK) said Tuesday that its unit, Terronera Precious Metals, has increased its secured credit facility with ING Capital and Societe Generale by $15 million, raising the total to $135 million.
Endeavour said the funds will go toward the commissioning of the Terronera Project in Jalisco, Mexico, as well as general working capital.
Endeavor said that as a condition to funding, Terronera has entered into zero-cost collars to partially manage silver price exposure, protecting prices at a minimum of $31 per ounce while allowing for potential gains of up to $42 per ounce for 968,000 ounces.
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