Archive for the ‘BVI Company Loans’ Category

Talon Metals announced loan extension with RCF

Friday, June 29th, 2018

Talon Metals Corp., a TSX-listed company focused on the exploration and development of the Tamarack Nickel-Copper-PGE Project in Minnesota, USA, entered into an agreement with Resource Capital Fund VI L.P for the extension of the maturity date of the US$16mln convertible loan facility with the BVI company to April 2, 2019. All the other terms and conditions of the Convertible Loan remain the same. Also, Resource Capital Fund has agreed to extend the maturity date of US$1mln unsecured promissory note to April 2, 2019. Among other things, the time extension will give time for the BVI company to consider all the options in respect of the convertible loan.

Talon Metals is seeking the “minority approval” of the loan extension; it is subject to shareholder approval and the approval of the Toronto Stock Exchange. The shareholders meeting to consider the loan extension and other matters is scheduled for July 26, 2018.

Premier African Minerals announced Loan Conversion

Saturday, December 30th, 2017

British Virgin Islands-based company Premier African Minerals Limited announced that its chairman and CEO George Roach has elected to convert US$100,000 of the US$300,000 loan which was provided by him to the company on 15 September 2015. This is an unsecured loan which accrued interest of US$315,096 at 6 December 2017.

This loan can be converted at any time into new ordinary shares at a price of 0.5p per new share. Premier African Minerals has therefore issued 14,964,020 new ordinary shares to George Roach; the conversion shares will rank pari passu with the existing ordinary shares. Application will be made for admission to trading on AIM. George Roach will be interested directly and indirectly in aggregate in 476,751,154 ordinary shares which represent 7.25% of the enlarged issued share capital of the Company.

Chaarat Gold issues convertible loan notes to raise US$15mln

Friday, April 14th, 2017

BVI-incorporated mining company Chaarat Gold Holdings Ltd has raised US$15 million through issue of short term senior secured loan notes which are convertible at a price of 30p per share and redeemable in September 2018. The amount of notes available to directors of the British Virgin Islands company was limited to 5%. Labro, the company of Chaarat’s chairman Martin Anderson, already owning 34.1% of the shares, will subscribe for US$375,000 of the notes. Martin Wiwen-Nilsson, who is grouped with Labro, has also applied for US$375,000 worth of notes.

The additional funding will be used for the first phase of development of company’s project in the Kyrgyz Republic: to increase the reserve base of the project, to construct a new section of the access road, and to start engineering design and recruit construction and operating teams.

Talon Metals signed amending agreements with Kennecott Exploration and Resource Capital Fund

Friday, December 30th, 2016

Talon Metals Corp. entered into an amending agreement with Kennecott Exploration Company, in respect of the Exploration and Option Agreement between BVI company’s subsidiary Talon Nickel (USA) LLC and Kennecott Exploration signed in June 2014. Under the terms of the amending agreement, Talon Nickel and Kennecott Exploration will co-fund a winter exploration program at the Tamarack Project for the amount of approximately US$3,500,000. The proportional share funded by Talon Nickel is 18.45 per cent.

Also, the BVI corporation entered into an agreement with Resource Capital Fund VI L.P. to amend a loan agreement signed in November 2015 between Talon Metals, RCF and some subsidiaries of Talon. According to this Loan Amending Agreement, RCF agreed to increase the principal amount of the unsecured loan previously advanced to the company by US$2,000,000(from US$14,000,000 to US$16,000,000). Talon Metals has agreed to issue to Resource Capital Fund
15,000,000 common share purchase warrants, each exercisable for one common share at a price of CDN$0.11 per Warrant Share for a period of 48 months from the date of issuance of such Warrants.

By words of Sean Werger, President of Talon, “The decision by RCF to increase the amount of the loan by US$2 million provides Talon with the working capital it needs to co-fund the winter exploration at Tamarack… It also provides Talon with a much stronger treasury after the winter exploration program.”