EPM Mining Completes US$3.2 Million Financing for Its Sevier Lake Playa Sulphate of Potash Project
02 Maggio 2014 - 9:51PM
Marketwired
EPM Mining Completes US$3.2 Million Financing for Its Sevier Lake
Playa Sulphate of Potash Project
TORONTO, ONTARIO--(Marketwired - May 2, 2014) - EPM Mining
Ventures Inc. (TSX-VENTURE:EPK)(OTCQX:EPKMF) ("EPM" or the
"Company") is pleased to announce that it has completed its
US$3,200,000 financing previously announced on April 7, 2014. The
Company, Peak Minerals Canada Limited, Peak Minerals Inc. and
Emerald Peak Mineral LLC entered into a credit agreement today with
Extract Advisors LLC, an affiliate of Extract Capital LP, as agent
to the lenders from time to time party thereto (the "Lenders"),
providing for a US$2,500,000 loan (the "Extract Loan"). In
addition, the Company, Peak Minerals Canada Limited, Peak Minerals
Inc. and Emerald Peak Mineral LLC entered into a credit agreement
with certain directors of the Company for a US$700,000 loan (the
"Director Loan" and collectively with the Extract Loan, the
"Financing"). Under the terms of the Financing, the Company
provided a perfected senior security interest in substantially all
of the Company's assets. The Financing will be used by the Company
to fund operations and project-related activities for its Sevier
Lake Playa Sulphate of Potash Project located in southwestern
Utah.
Lance D'Ambrosio, Chief Executive Officer of EPM stated, "We are
very pleased to have completed the Financing which provides
important liquidity for the Company. It provides us the funds
necessary to continue advancing the Sevier Lake Playa Sulphate of
Potash Project and accomplish milestones related to our feasibility
and permitting activities."
The Extract Loan has a term of 60 months. The Extract Loan will
bear interest at a variable rate equal to U.S. 12-month LIBOR plus
650 basis points ("bps") per annum calculated on the outstanding
principal on a 360-day/year basis. At the Company's option, it may
elect to capitalize monthly interest at a rate of U.S. 12-month
LIBOR plus 850 bps. LIBOR shall have a minimum of 200 bps for the
purposes of interest rate calculation. The Lenders were paid
$50,000 commitment fee and the agent received a $75,000 arrangement
fee. Additionally, the Company issued to the Lenders 1,500,000
common shares and 750,000 common share purchase warrants (the
"Extract Warrants"). The Extract Warrants have an exercise price of
$0.36 per share and are exercisable until May 2, 2019, subject to
adjustment in accordance with their terms. The Company also
provided the Lenders with a production fee of US$1.70/tonne of
production of sulphate of potash. The production fee may be
repurchased at any time by the Company for a lump sum payment equal
to: (a) US$250,000 if the Extract Loan is repaid in full on or
before 6 months from today; (b) US$750,000 if the Extract Loan is
repaid after 6 months and on or before 12 months from today; (c)
US$1,000,000 if the Extract Loan is repaid after 12 months and on
or before 18 months from today; and (d) US$1,500,000 if the Extract
Loan is repaid after 18 months from today.
The Director Loan has a term of 24 months. Interest accrues
monthly in arrears and shall be computed on a monthly basis at U.S.
LIBOR (1 month) plus 175 bps ("Director's Rate") plus 850 bps per
annum of the outstanding loan amount calculated on a 360-day/year
basis. The Director's Rate shall have a minimum of 200 bps for
calculation of the interest rate. Additionally, the Company issued
the Directors an aggregate of 1,050,000 common share purchase
warrants (the "Director Warrants"). The Director Warrants have an
exercise price of $0.36 per share and are exercisable until May 2,
2016, subject to adjustment in accordance with their terms. For
further details of the participation by the directors please refer
to the press release of the Company dated April 7, 2014.
The securities issued under the Financing are subject to a hold
period expiring September 3, 2014.
About EPM Mining
Ventures
EPM Mining Ventures Inc. is an exploration-stage company focused
on specialty fertilizers. Through Peak Minerals Inc., its indirect
wholly-owned subsidiary, EPM controls directly or through agreement
mineral leases on more than 124,000 acres on its Sevier Lake Playa
property in Millard County, Utah. With a brine resource known to
contain potassium, magnesium, sulphate, lithium and a suite of
other beneficial minerals, EPM is targeting the development and
production of specialty fertilizers, including SOP, through the use
of a cost-effective solar evaporation process. SOP and other
specialty fertilizers are used in the production of high value,
chloride-sensitive crops such as fruits, vegetables, and tree nuts.
With the recent completion of a Preliminary Feasibility Study, the
Company is currently engaged in engineering and analysis designed
to support a feasibility study, environmental permitting, and
ultimately mineral production.
For more information, please visit our web site at
www.epmmining.com.
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.
EPM Mining Ventures Inc.Lance D'AmbrosioChief Executive
Officer(801) 485-0223www.epmmining.com
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