TORONTO -- Royal Oak Mines Inc. said Union Bank of Switzerland (Canada) has joined Bank of Montreal, Bankers Trust Co. of New York, and BT Bank of Canada as a co-arranger of the $700 million long-term financing for Royal Oak's offer for Lac Minerals Ltd.

The banking group has given Royal Oak binding commitments to provide the funds to retire an exchange-offer facility that was used to finance the $400 million cash portion of Royal Oak's bid.

The credit will also be available for working capital and, if necessary or desirable, to repay Lac's current indebtedness.

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