Mindoro Arranges Bridging Loan
10 Dicembre 2013 - 12:51AM
Marketwired
Mindoro Arranges Bridging Loan
EDMONTON, ALBERTA--(Marketwired - Dec 9, 2013) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(ASX:MDO)(FRANKFURT: WKN 906167) is
pleased to announce that it has entered into agreements with
certain individuals to borrow an aggregate of up to $175,000. The
loans bear interest of 15% per annum, payable quarterly, and the
aggregate principal amount of the loans will be payable two years
from the date of the advance. The loans may be prepaid, at any time
without premium or penalty, with the consent of both the Company
and the lenders. The Company intends to repay the principal amount
of the loans and the interest from funds that become available from
operations or any subsequent debt or equity financings. The
proceeds of the loans will be used for general working capital.
In accordance with the policies of the TSX Venture Exchange,
lenders will receive Bonus Shares comprised of 100,000 common
shares per $25,000 principal amount loaned. The Company issued
500,000 common shares on December 9, 2013, upon receipt of $125,000
from arms-length lenders. The Company also received $25,000 from a
director of the Company, as described below, for aggregate funds
received of $150,000. The Company anticipates receiving an
additional $25,000 within 21 days from another arms-length lender
and issuing an additional 100,000 common shares.
One of the lenders, Rob Garden, is also a director of the
Company. As required by the listing rules of the Australian
Securities Exchange, the Company intends to seek shareholder
approval to issue 100,000 Bonus Shares to Mr. Garden. A date has
not yet been set for a shareholders' meeting and the Bonus Shares
will only be issued to Mr. Garden upon receipt of shareholder
approval. In the event the Company does not receive shareholder
approval, the Company will immediately repay the funds borrowed
from Mr. Garden.
The Company will issue a press release promptly disclosing the
additional issues of Bonus Shares when they occur. All Bonus Shares
are subject to a four month hold period from the date of issue.
On behalf of the Board of Directors,
Tony Climie, CEO
About Mindoro
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock
Exchange (WKN 906167). Mindoro has a 75% interest and an option to
acquire the remaining 25% in the Agata Nickel Project, Mindanao,
and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI
Pacific Inc. has the option to earn up to a 60% interest in these
projects by meeting the earn-in requirements outlined in the June
24, 2013, release. Mindoro also holds a 20.8% stake in ASX listed
Red Mountain Mining (ASX:RMX), which has a 100% direct and indirect
interest in the Batangas gold and copper-gold projects.
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.
Tony Climie P.Geol., is the CEO of Mindoro Resources Ltd and
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a qualified person
as defined by National Instrument 43-101. Tony Climie consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
This release may contain forward-looking statements
including the expected receipt and timing of the additional loan
from another arms-length lender, the expected source of the funds
to repay the loans, management's assessments of future plans and
operations, and expectations of future production. These statements
are based on current expectations that involve a number of risks
and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty with respect to results of
exploration, the uncertainty of estimates and projections relating
to production and the uncertainty of the availability of capital).
The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company does not
undertake to update forward-looking statements except where
required to do so by law.
Mindoro Resources Ltd. - Australia:Clayton Northey+61 3 9028
8187ir@mindoro.comMindoro Resources Ltd. - Canada:Penny
Gould+780.719.8895ir@mindoro.comwww.mindoro.comCHF Investor
RelationsJeanny So+1 416 868 1079 ext. 225
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