The US Bankruptcy Court gave an order to Hopedale Mining LLC to obtain DIP financing on an interim basis on July 24, 2020. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $3.5 million out of a total principal amount of $11.75 million from Colbeck Strategic Lending Master, L.P and CION Investment Corporation with Alter Domus (US) LLC acting as the administrative agent. The DIP loan would carry LIBOR +10.0% per annum with a 1.0% LIBOR floor, payable in cash monthly in arrears, along with an additional 4% p.a. interest in the event of default. The DIP facility would mature either on November 19, 2020 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.3 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Original Issue Discount is 1.0% of the aggregate principal amount of the actual amounts drawn on the DIP Facility and Exit Fee is 2.0% of each Lender’s pro rata share of the commitments on the Closing Date payable on the final maturity date; provided, however, that upon the occurrence of an event of default under the DIP Credit Agreement or upon repayment of the DIP loans in full and termination of the DIP commitments without the occurrence of the plan effective date, the Exit Fee shall be immediately due and payable in full in cash. The final hearing is scheduled for August 12, 2020.