Business
Azarga Metals: Baker Steel Transaction Update
VANCOUVER, BC / ACCESSWIRE / April 10, 2019 / AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) is pleased to announce that Baker Steel Resourc
About this update from Azarga Metals Corp.
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / April 10, 2019 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSX-V:AZR) is pleased to announce that Baker Steel Resources Trust Ltd. (\"BSRT\") and the Company have executed a Secured Convertible Loan Facility Agreement (\"Investment Transaction\"), to consummate the terms of the binding terms sheet announced on 14 February 2019 and 29 March 2019. The final investment size was agreed as US$3 million (\"Loan\"), with the first US$1 million expected to be drawn down within the next few days and the second advance of US$2 million drawable in four to six months time, provided however that the second advance is subject to earlier drawdown in certain circumstances set out in the definitive documentation. Chairman, Alex Molyneux commented, \"I'm very pleased to welcome Baker Steel as our partner for continued development of the Unkur Copper-Silver Project. We were very successful with our first round of exploration leading to a sizable maiden resource and we firmly believe we can transformationally grow the mineralized envelope from here in the now fully funded next phase.\" Mr Trevor Steel, Managing Partner and Chief Investment Officer of Baker Steel Capital Managers LLP (\"BSCM\") will, in connection with closing, be appointed to the Company's Board of Directors, subject to approval by the TSX Venture Exchange. Mr Steel co-founded BSCM in 2001 and prior to that he was a senior portfolio manager at Merrill Lynch Investment Managers where he specialised in the natural resources sector. Following the funding made available from the Investment Transaction, Azarga Metals has commenced plans to start the second major physical exploration phase at Unkur which will commence during the 2019 field season and will include a diamond drilling program which will have the potential of discovering additional copper and silver mineralization from at least three target concepts: (i) along strike or down dip from currently defined mineralization; (ii) confirming the presence of at least one additional mineralized zone postulated to occur stratigraphically below the currently defined Zone 1 and Zone 2; and (iii) drilling new targets expected to be generated by planned geophysical surveys. A more detailed announcement regarding the second phase of exploration at Unkur will be made in the near future. As previo...