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Short Term Debt
 9 Months Ended
Sep. 30, 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%, payable in arrears on the last day of each quarterly interest period. The RMB Loan was repaid on August 25, 2015, in connection with the Transaction. Solitario had no balance due on the RMB Loan as of December 31, 2015 or September 30, 2016.

 

Solitario recorded the following interest cost during the three and nine months ended September 30, 2015 related to the RMB Loan:

(in thousands)

Three months ended

September 30,

Nine months ended

September 30,

  2015 2015
RMB Loan interest    
  Interest paid in cash $ 95  $ 228 
  Amortization of the RMB Warrants discount 31  139 
  Amortization of RMB deferred financing costs   28    126 
    Total interest expense related to the RMB Loan $154  $493 

 

During the three and nine months ended September 30, 2015 to the date of the Transaction, Solitario capitalized all of its interest expense to mineral property. See Note 2, “Mineral Property,” above.