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BRIEF-Champion Iron announces $25 mln financing
August 28, 2017 / 10:52 PM / in 4 months

BRIEF-Champion Iron announces $25 mln financing

Aug 29 (Reuters) - Champion Iron Ltd

* $25m financing & offtake agreement with Glencore

* Off-Take arrangements with Glencore in connection with Bloom lake mine restart

* Commitment also contemplates that QIO and Glencore will enter into an off-take agreement with fixed terms for 10 years

* reducing expected size of its previously announced public offering of subscription from approximately c$50 million to up to c$20 million

* Debenture will have a term to maturity of 8 years and bear interest at a rate of 12% for first year

* Glencore will also have right to nominate one person to board of directors of champion, subject to shareholder and regulatory approvals. Source text for Eikon: Further company coverage:

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