SECTION www.terracestandard.com. - Rupert gives Skeena three-week reprieve PRINCE RUPERT city council is giving New Skeena Forest Products at least three more weeks to raise the $50 million needed to restart the operations. Council there voted Sept. 15 to give the company until Oct. 7 (o get other needed investment. in place. Prince Rupert is poised: to borrow $20 million and buy the’ pulp: mill and -.main- forest licence, and Jease them back to New Skeena in what would amount to a startup loan... The city had set Sepl. 1S 3 as a deadline for the company to prove it had all other investors lined up before the city moiney would be put on the table. ” ; Progress to that point wasn't as much as Rupert council wanted ~ but it was énough to stay in the game. “Now that the company has provided us with some evidence, we're: prepared'to hang in there,” mayor Herb Pond said. New Skeena has additional loans com- mitted to provide $7 to $10 million, cam- pany officials say. That leaves around. $20. million: that would have to come from another investor or investors New Skeena is courting. Although the city is confident it can aise the money, Pond said it. doesn’t want to do so until it’s sure it's needed. What Rupert council would like. he -said, is to see another player at the same Jevel of commitment and with money as ‘readily available as Rupert. All investors would then raise money and pool it si- multaneously, “If another party is in as deep as we $7 é are at Ocl. 7 then we're prepared to keep rolling.” Pond said. “There's no point in us investing a lot more time and money in legal fees and other things without that partner in place.’ |... Councillor Tony Briglio said both sides “have built trust: “We have come a long way with Skeena,” Briglio said. -Briglio ‘also said that- while the city is still fuily prepared to. invest:its money — “> as“authorized in a. June referendum — the _company, may yet be able to raise the Startup money it requires without using _ Prince Rupert’ s offer, The town is refusing to release any de- tails company officials have revealed, ‘citing confidentiality. While “Prince Rupert had always talked of borrowing -money through the Municipal Finance’ Authority, councillors say-they’re also weighing offers from oth- ef financial institutions. Briglio said there’s no issue of Prince Rupert's ability to raise $20 million, ad- ding it could be in place within 30 days. Chasing money NEW SKEENA Forest Products may yet strike a financing deal that doesn’t re- quire any money from the city of Prince Rupert. It's an option company officials say they’re examining as they work to restart the mothballed forest company. 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