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Re: News Release - Friday, December 21, 2007
ECU Silver Amends Terms of Debt Facility
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TORONTO ONTARIO, December 21, 2007 - ECU Silver Mining Inc. (TSX: ECU)
is pleased to announce that it has reached an agreement with IIG
Capital LLC ("IIG") to amend the terms of its existing term facility
(the "Facility").
The Facility currently is for an amount of US$12,000,000 with a term
ending April 30, 2010. The interest rate is equal to 6% plus the
3-month LIBOR rate, subject to a minimum interest rate of 10% per
annum. Principal is repayable in equal monthly instalments of
US$1,000,000 commencing May 2009. ECU has amended the terms of the
Facility in order to permit it to prepay any or part of the principal
at its option without penalty at any time on 30 days notice to IIG.
In consideration of such amendment, ECU has issued to IIG an aggregate
of 400,000 purchase warrants ("Purchase Warrants"), with each Purchase
Warrant entitling its holder to acquire one common share of ECU (a
"Common Share") at a price of $2.85 at any time on or before June 4,
2009; provided, however, that if the closing price of the Common Shares
on the Toronto Stock Exchange is equal to or greater than $3.75 for a
period of twenty (20) consecutive trading days at any time after April
22, 2008, ECU may give notice to the holders of the Purchase Warrants
of the expiry of such Purchase Warrants on the thirtieth (30th) day
after the date such notice is given.
For additional information please contact:
Stephen Altmann, President
Ph : (416) 644-8640
Fax : (416) 644-8801
www.ecu.ca
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Copyright (c) 2008 ECU SILVER MINING INC. (ECU) All rights reserved.
For more information visit our website at http://www.ecu.ca/ or send
mailto:ecu@ecu.ca
Message sent on Wed Jan 2, 2008 at 6:41:54 AM Pacific Time
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