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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