DEBT	9 Months Ended
Sep. 30, 2018
DEBT
DEBT	NOTE 18 DEBT On August 10, 2018, the Company closed a $50 million senior secured 3-year term loan facility with Royal Capital Management Corp. (“RoyCap”) and the lenders party thereto (“Lenders”), with RoyCap acting as agent for the Lenders. An affiliate of Robert McEwen, Chairman and Chief Executive Officer and the beneficial owner of 24% of the Company’s common stock, advanced $25 million of the $50 million total term loan. The proceeds of the Term Loan must be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes. The principal amount of the Term Loan bears interest at 9.75% per annum with interest due monthly. Principal repayments are scheduled to be made in twelve equal monthly installments of $2 million each during the third year, with the remaining balance due on maturity on the three year anniversary date of the loan. The Term Loan can be retired in full or in part anytime during the first two years upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and during the third year upon payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal. The Company incurred $0.3 million in lender fees and $0.6 million in debt issuance costs, which have been included in the carrying amount of the Term Loan. The Term Loan is valued at discounted present value and interest is recognized based on the effective interest method. The debt issuance costs and lender fees are also amortized based on the effective interest method, which results in an effective interest rate that is higher than the stated rate of 9.75%. Over the term of the loan, the book value will increase as a greater amount of debt issuance costs and lender fees are amortized. Scheduled minimum debt repayments are $nil in 2018, $nil in 2019, $10 million in 2020 and $40 million in 2021. The Company has paid $0.7 million in interest during the three months ended September 30, 2018. The scheduled minimum interest payments are $1.9 million in 2018, $4.9 million in 2019, $4.8 million in 2020 and $2.0 million in 2021.

NOTE 18 DEBT

On August 10, 2018, the Company closed a $50 million senior secured 3-year term loan facility with Royal Capital Management Corp. (“RoyCap”) and the lenders party thereto (“Lenders”), with RoyCap acting as agent for the Lenders. An affiliate of Robert McEwen, Chairman and Chief Executive Officer and the beneficial owner of 24% of the Company’s common stock, advanced $25 million of the $50 million total term loan. The proceeds of the Term Loan must be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes.

The principal amount of the Term Loan bears interest at 9.75% per annum with interest due monthly. Principal repayments are scheduled to be made in twelve equal monthly installments of $2 million each during the third year, with the remaining balance due on maturity on the three year anniversary date of the loan. The Term Loan can be retired in full or in part anytime during the first two years upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and during the third year upon payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal. The Company incurred $0.3 million in lender fees and $0.6 million in debt issuance costs, which have been included in the carrying amount of the Term Loan. The Term Loan is valued at discounted present value and interest is recognized based on the effective interest method. The debt issuance costs and lender fees are also amortized based on the effective interest method, which results in an effective interest rate that is higher than the stated rate of 9.75%. Over the term of the loan, the book value will increase as a greater amount of debt issuance costs and lender fees are amortized. Scheduled minimum debt repayments are $nil in 2018, $nil in 2019, $10 million in 2020 and $40 million in 2021.

The Company has paid $0.7 million in interest during the three months ended September 30, 2018. The scheduled minimum interest payments are $1.9 million in 2018, $4.9 million in 2019, $4.8 million in 2020 and $2.0 million in 2021.