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Press Release
DEC 15, 2011
Timminco Provides Update on Senior Credit Facility
TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Timminco Limited ("Timminco" or the "Company") (TSX:TIM) announced that its senior secured lender, Bank of America, N.A., Canada branch, has increased the availability reserve under the Company's revolving credit facility by $3 million. This increase effectively precludes any further advances to the Company under this facility, given the Company's borrowing base of eligible inventories and receivables, which was approximately $7 million as at the beginning of December, less the existing availability block of $5 million under the facility. There is currently no amount outstanding under the Company's revolving credit facility with Bank of America.
The Company is in discussions with its existing secured lenders and potential new lenders to provide additional liquidity and alternate sources of financing. However, there is no assurance that further funding will be forthcoming from such lenders.