Timminco gets $10M to boost output

Nov 19, 2009 | 10:17 AM | Tom Jennemann

Timminco Ltd. will receive $10 million in financing from AMG Advanced Metallurgical Group NV to boost its silicon metal production and reposition its solar-silicon business.

Amsterdam-based AMG will issue a $5-million loan to Timminco subsidiary Becancour Silicon Inc. in exchange for a convertible senior subordinated promissory note with a maturity date of Jan. 3, 2011.

AMG also will purchase 3.8 million Timminco common shares in a private placement for Canadian $5.3 million ($5 million), giving it control of 46 percent of Timminco's outstanding share capital.....





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