Apex Minerals NL : $4.0m Short Term Debt Facility
03/26/2012| 09:50pm US/Eastern
Recommend:
Apex Minerals NL (ASX: AXM) (Apex or the Company) is pleased
to announce it has secured an additional $4.0 million in
funding via a short term cash advance facility (Facility).
The Facility has been secured following a site visit by the
Company's proposed new management team, including Mr Eduard
Eshuys as the proposed Executive Chairman (Proposed
Management Team), to assist with meeting the Company's short
term financing requirements and also enable the Company to
begin to implement some of the Proposed Management Team's
suggested changes prior to completion of the recently
announced
$22.2 million rights issue (Rights Issue).
Of the $4.0 million available under the Facility,
approximately $1.33 million will immediately be applied to
the payment of outstanding wages and salaries, with the
balance to be used for general working capital purposes
including the replenishment of the Company's supplies of
spares and other items required to enable production to
continue.
The key terms of the Facility are as follows:
|
Item
|
Summary
|
|
Lender
|
AMNL Financing Pty Ltd
|
|
Borrower
|
Apex Minerals NL
|
|
Facility Amount
|
A$4.0 million
|
|
Repayment Date
|
The principal amount must be repaid in full on or
before the date that is 180 days from funding date
|
|
Interest Rate
|
Interest is payable on the principal outstanding at a
rate of 20%
per annum (payable on the last day of each period of 30
days from the funding date)
|
|
Option Issue
|
The Company agrees to issue the Lender 550,000,000
Options with an exercise price of 0.25 cents and expiry
date of three years from the date of issue
|
|
Security
|
The Company must enter into a general security deed
over all its present and after-acquired property in
favour of the Lender by no later than 5 business days
from the date of the Facility
|
|
Events of Default
|
If an event of default occurs, the Lender may cancel the
Facility and/or declare all or any part of the amounts
outstanding to be immediately due and payable.
Enquiries
Any enquiries should be directed to:
Mark Ashley
Managing Director
+61 (0) 411 470 104 mark.ashley@apexminerals.com.au
distributed by
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This press release was issued by Apex Minerals NL and was initially posted at http://www.apexminerals.com/reports/ASXAnnouncement-201203-4.0mShortTermDebtFacility.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-27 03:44:16 AM. The issuer is solely responsible for the accuracy of the information contained therein.
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