Aug 29 (Reuters) - Champion Iron Ltd (CIA)
- $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.
News: CIA Champion Iron announces $25 mln financing
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