On October 8, 2008, Labrador Mining Company Limited completed an extended and amended $50 million credit facility with The Bank of Nova Scotia. The facility is available for Labrador Mining's general corporate purposes.
Labrador Mining is a wholly owned subsidiary of Labrador Iron Ore Royalty Income Fund. The fund receives a 7 per cent royalty on all iron ore products sold by Iron Ore Company of Canada and also owns 15.1 per cent of the equity of IOC.
Labrador Mining and its affiliates were represented by Robert Stephenson of McCarthy Tétrault LLP and by Stephanie Hickman and Nicholas Crosbie of Cox & Palmer.
The Bank of Nova Scotia was represented by James Mathers, Angela Lin and Tiffany Murray of Borden Ladner Gervais LLP.