Why is that a cynical view?
But whether it increased its’ rates or not I still think the crux of the refinancing move was HSBC wanted imminent repayment of $1m, and was holding a precious $800,00.
As I recall SMN had something like $2m in cash last September, has put on several new employees, has put extra money into fast tracking the APB tests, had the Drake saga to deal with and whatever else.
… “The move to RBC will result in the repayment of US$800,000 currently held as collateral security by HSBC and will directly provide immediate additional working capital to the Company as it explores further growth avenues.
“In addition, AEM will not be required to repay CA$1million which was required during 2023 under the terms of the HSBC facility.
cheers.
Ann: New financing agreement with Royal Bank of Canada, page-20
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