Nordex Explosives Ltd. Announces Loan
(firmenpresse) - KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 01/15/16 -- NORDEX EXPLOSIVES LTD. ("Nordex" or the "Company") (TSX VENTURE: NXX) Nordex announced today that it had entered into an unsecured, non-convertible loan agreement between the Company and Jograh Investments Limited ("Jograh") pursuant to which the Company has borrowed the principal amount of $850,000 (the "Loan"). The Company had previously obtained an unsecured loan from Jograh in the amount of $150,000 effective December 31, 2015, bringing the total current indebtedness to Jograh to $1,000,000. Interest on the outstanding principal balance accrues on these loans at a rate of 15% per annum and the Company will make monthly payments of principal in the aggregate amount of $20,000, plus accrued interest. The loans mature on December 31, 2017 (the "Maturity Date") whereupon all accrued and unpaid interest and the balance of the principal owing under the loans are due and payable. Nordex may prepay any part of the loans without penalty. The proceeds of the loan will be used for working capital purposes.
In connection with the Loan, Nordex issued warrants to purchase up to 1,000,000 common shares of the Company ("Common Shares"), subject to adjustment in certain circumstances, to Jograh at an exercise price of $0.20 per share. These warrants expire on the Maturity Date of the Loan, and may expire earlier in certain circumstances. Nordex also issued warrants to purchase up to 1,000,000 Common Shares, subject to adjustment in certain circumstances, to NIL Funding Corporation ("NIL") in connection with the Loan. The NIL warrants are exercisable at a price of $0.20 per share and expire on August 26, 2017 and may expire earlier in certain circumstances. All securities issued in connection with the Loan are subject to a four month hold period, and are subject to the final approval of the TSX Venture Exchange.
About Nordex Explosives
Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario.
Additional information can be found under the Corporation's profile at .
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Nordex Explosives Ltd.
Jim Taylor
President and CEO
705 642 3265 extension 203
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Datum: 15.01.2016 - 14:27 Uhr
Sprache: Deutsch
News-ID 444470
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contact information:
Town:
KIRKLAND LAKE, ONTARIO
Kategorie:
Mining & Metals
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