AgriMinco Announces a USD$250,000 Loan to Premier African Minerals
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/27/15 -- AgriMinco Corp. ("AgriMinco" or the "Company") (TSX VENTURE: ANO) announces that the Company and Premier African Minerals Limited ("Premier"), an AIM-listed, multi-commodity resource and development company (AIM: PREM), have agreed to the terms of an unsecured loan facility of up to USD$250,000 ("Loan Facility"), consisting of two committed tranches, to be provided by AgriMinco to Premier to provide additional funding to Premier for the continuing construction of the RHA Tungsten Project in Zimbabwe and additional capital expenditure and/or working capital.
The Loan Facility, together with any accrued interest, will become repayable by Premier in 24 months from the date of the signing of the Loan Facility or earlier with the prior consent of all third party lenders. Premier has also agreed not to request repayment of historic amounts owed by AgriMinco to Premier, amounting to CAN$218,818, prior to repayment of the Loan Facility.
The Loan Facility is unsecured and interest will accrue at the rate of 5 per cent per annum.
AgriMinco may elect to convert all or part of the Loan Facility into new units when the Loan Facility becomes payable (where one unit comprises one new ordinary share in the capital of Premier ("Ordinary Shares") and one new warrant). The conversion price of the new Ordinary Shares under the Loan Facility shall be the US Dollar equivalent of the fifteen trading day volume-weighted average price ("VWAP") of the Ordinary Shares two business days before the earlier of the maturity date and the date of a repayment notice, if any ("Conversion Price").
Each new warrant would entitle the unit holder to subscribe for one new Ordinary Share at an exercise price equivalent to a 20 per cent premium to the Conversion Price. The warrants can be exercised over a 24 month period from the date of issuance.
Commenting on this, Bruce Cumming stated that, "Had there not been a stay of repayment of the historic debt, ANO would have faced a crippling situation that is compounded currently by the difficulties ANO continues to experience with license renewals in Togo; a situation that may improve after the Presidential election that was held on Saturday."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About AgriMinco Corp.
AgriMinco Corp. is a Canadian company based in Toronto, Ontario and Lome, Togo. For more information regarding AgriMinco visit our website at .
Contacts:
AgriMinco Corp.
Bruce Cumming
Chief Executive Officer and Director
+27 72 623 4671
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Datum: 27.04.2015 - 21:00 Uhr
Sprache: Deutsch
News-ID 388784
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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