UPDATE 1-Thompson Creek terminates $35 mln credit facility

* Says facility no longer meeting business needs

* Termination to provide more financial flexibility

* No outstanding borrowings under facility

Feb 5 (BestGrowthStock) – Thompson Creek Metals Co (TCM.TO: ) said it
terminated its existing $35 million credit facility as the
facility was no longer meeting its business needs.

Thompson Creek said it is currently assessing its long-term
business requirements for other forms of credit.

The Canadian producer of pure molybdenum said termination
of the credit facility, effective Feb. 2, will provide Thompson
Creek with more financial flexibility by releasing the liens on
the company’s assets securing this facility.

It said that there were no outstanding borrowings under the
facility and following the termination, the administrative and
unused credit facility fees will be eliminated.

As of Jan. 29, the company had cash and short-term
investments of about $507 million and no debt except for
outstanding equipment loans of about $13 million, Thompson
Creek said in a statement.

Shares of the company closed at C$12.12 Thursday on the
Toronto Stock Exchange.
($1=1.076 Canadian Dollar)


(Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana

UPDATE 1-Thompson Creek terminates $35 mln credit facility