SILVERMET CANCELS LOAN FACILITY and ENTERS DISCUSSIONS with GLOBAL ATOMIC FUELS CORPORATION REGARDING a POTENTIAL COMBINATION
Toronto, October 24, 2016: Silvermet Inc. (“Silvermet”) (SYI – TSXV) announced today that it has cancelled its loan facility with the European Bank for Reconstruction and Development (“EBRD”) and has begun discussions with Global Atomic Fuels Corporation (“Global Atomic”) regarding a potential combination.
Silvermet’s major investment is a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a Waelz kiln facility located in Iskenderun, Turkey through its wholly-owned subsidiary, Befesa Silvermet Iskenderun Celik Tozu Geri Donusumu A.S. (“BSI”). BSI acquires electric arc furnace dust (“EAFD”) from steel mills and recycles the EAFD through its Waelz kiln to produce a high grade zinc oxide concentrate which is sold to zinc smelters throughout the world.