size of revolving credit facility has been reduced from $120 mln to $40 mln (ANV) : Co reported that on Dec 27, 2013 it entered into the Second Amended and Restated Credit Agreement with The Bank of Nova Scotia. The Credit Agreement amends the prior revolving credit facility provided under, the Amended and Restated Credit Agreement, entered into with the Agent and other lenders dated as of Oct 31, 2012, as fol
I think you forget to add this piece of that news you just copied:
"We are pleased to have completed the revisions to the credit facility which will provide us with greater liquidity going forward by removing certain covenants that had become obstacles with the declining price of gold," commented Steve Jones, Executive Vice President and Chief Financial Officer. "We will look to grow the Credit Agreement as provided by the accordion feature in 2014. We appreciate the support of The Bank of Nova Scotia and we look forward to 2014 as we focus on updating the pre-feasibility and feasibility studies for the Hycroft mill expansion."
I don't think they would say "Pleased" had they thought this was bad news. :-)