The eight-year secured debt facility will enable Coalspur to commence construction at its flagship Vista coal project in Alberta, Canada.
Construction at Vista is expected to begin in 2013, with production set to commence by 2015.
The company is additionally negotiting with several other strategic trading/off-take parties to establish coal marketing arrangements and additional funding for the project.
Coalspur expects to complete the funding and off-take agreements before April 2013.
Proceeds from the debt-facility will also provide working capital for the company and repay it’s outstanding loan facility with the Highland Park Group.
Coalsput estimates development costs of C$30.81 ($31.12) per tonne for the first five years of production and C$31.40 ($31.72) a tonne at full production levels, which is projected at 12 million tonnes a year.
Coalspur president and CEO Gill Winckler stated "We believe we are in a unique position amongst coal development companies worldwide with our robust economics, fully committed and contracted port allocation, access to underutilised rail capacity and location in a stable jurisdiction."
