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Timminco Ltd., a 52.2% owned subsidiary of AMG Advanced Metallurgical Group N.V., has revealed that Becancour, Timminco’s subsidiary, has signed a loan agreement for the amount of CAD$25 million. The two-year term loan, which is being provided by Investissement Quebec, will be used for general working capital purposes, according to the company.

The funding will be disbursed in full in the coming week, and is subject to a variable interest rate of prime plus 9%, which is currently 11.25% per annum. The loan agreement stipulates several factors in relation to Becancour Silicon, including a minimum working capital ratio and a maximum long-term debt to equity ratio.