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Short Term Debt
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Short Term Debt

5.       Short-term Debt

 

RMB Facility Agreement

 

On August 10, 2012, Solitario entered into a Facility Agreement and borrowed $5,000,000 from RMB Australia Holdings, Limited (the “RMB Loan”). In connection with the Facility Agreement, Solitario recorded a warrant discount related to the RMB Warrants issued in connection with the RMB Loan. Solitario also recorded deferred offering costs related to the RMB Loan. The warrant discount and deferred offering costs were amortized on a straight-line basis to interest cost over 36 months, the term of the Facility Agreement. The RMB Loan amounts bore interest at the 90-day LIBOR rate plus 5%, and was payable in arrears on the last day of each quarterly interest period. The RMB Loan interest rate was 5.28% at March 31, 2015. The RMB Loan was repaid on August 25, 2015, in connection with the Transaction. Solitario has no balance due on the RMB Loan as of December 31, 2015 or March 31, 2016.

 

Solitario recorded the following interest cost during the three months ended March 31, 2015 related to the RMB Loan:

(in thousands) Three months ended
  2015
RMB Loan interest  
  Interest paid in cash $ 66 
  Amortization of the RMB Warrants discount 54 
  Amortization of RMB deferred financing costs   49 
    Total interest expense related to the RMB Loan $169 

 

During the three months ended March 31, 2015, Solitario capitalized all of its interest to mineral property. See Note 2, “Mineral property,” above.