Mutiara terminates shareholder financing to Iriana
Tuesday, April 9 2002 - 11:23 PM WIB
Canadian junior mining company Iriana Resources Corporation advised on Tuesday that Mutiara Resources Corporation Pte Ltd. its largest single shareholder has determined not to extend the existing loan agreement past its maturity of March 31, 2002.
Mutiara has been funding the cash requirements of Iriana since early in 1999 under a loan agreement under which Mutiara as lender currently holds general security over all the assets of Iriana and a pledge of shares of certain subsidiaries.
Iriana is in discussions with Mutiara as to the possibility of obtaining further advances to meet specific commitments while Mutiara considers its rights as lender.
Iriana Resources Corporation is a Toronto Stock Exchange mineral exploration and development company with mineral properties in Indonesia and Canada.
In Indonesia Iriana has several mineral exploration areas such as Papua and East Nusa Tenggara. (alex)