Finders gets loan repayment extension
Monday, October 22 2012 - 08:22 AM WIB
ASX-listed Finders Resources Limited recently announced that three of its major shareholders Taurus Funds Management (Taurus), Resource Capital Fund IV LP (RCF) and Acorn Capital (Acorn) have agreed to extend the deadline for repayment of A$16 million funding for a further 12 months to allow permitting and project financing to be completed.
The principal terms of the Note extension from Taurus, RCF and Acorn provides extension of maturity date of the facility to 24 October 2013, establishment fee of $320,000 to be paid in Finders? shares, 31,397,174 warrants with a term of 5 years and an exercise price of 25.48c to be issued to the lenders, as well as the appointment, if required, of an advisor by the end of Q1 2013 to commence funding / refinancing.
"If the facilities are still outstanding at 24 October 2013 , the lenders have the right to convert their loans at the price of the most recent equity raising conducted by Finders, while other terms and conditions are unchanged and are as announced on 7 June 2012," the company said in a statement made available for the Australian Stock Exchange.
Finders is the operator of the Wetar Copper Project with 95% interest, and the Ojolali Gold‐Silver Project at 72% current interest with option to increase to 100%. The Wetar Copper Project comprises the development, mining and processing of sulphide copper deposits at Kali Kuning and Lerokis located on Wetar Island, while The Ojolali Project is an advanced gold-silver prospect in Lampung Province of southern Sumatra covering a 13km square area.
Editing by Er Audy Zandri