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Tirex Resources Reaches Agreement with European Bank for Reconstruction and Development (EBRD) to Extend Maturity Date of Convertible Debenture
Strengthens balance sheet of Tirex Resources and gives the company greater flexibility as it...
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[{"type":"text","content":"\nTirex Resources Reaches Agreement with European Bank for Reconstruction and Development (EBRD) to Extend Maturity Date of Convertible DebentureStrengthens balance sheet of Tirex Resources and gives the company greater flexibility as it executes business plan in Albania Reflects EBRD support of Tirex's plans to foster enhanced economic activity in northern Albania Vancouver, British Columbia--(Newsfile Corp. - October 23, 2013) - Tirex Resources Ltd. (TSXV: TXX) (\"Tirex\") is pleased to announce that, subject inter alia to approval by the TSX Venture Exchange, the European Bank for Reconstruction and Development (\"EBRD\") has agreed to extend the maturity date of the convertible debenture currently held by the EBRD. The one year extension of this convertible debenture (see Tirex News Release #22-08 for details of the original agreement) gives Tirex a strengthened balance sheet and enhanced financial flexibility as the company executes on its business plan in northern Albania. To date, Tirex has invested approximately USD $30 million into the exploration and development of the Mirdita VMS Project in northern Albania. This has included the completion of significant amounts of geological, geophysical and geochemical work. In addition to flying the first ever airborne geophysical survey in the history of Albania, Tirex's large scale and systematic regional exploration work has included drilling known zones of mineralization and previously undrilled areas, ground IP and EM geophysics, geological mapping and other techniques. During the company's time in Albania, Tirex has also introduced a best practices approach to the mining industry of Albania in terms of environment, health, safety and community and has been involved in the sponsorship of multiple geological and geophysical events in the country, some of which have importantly, encouraged increased participation in the industry via young professionals seeking careers in natural resources. The EBRD fosters transition to market economies in countries from central and eastern Europe to central Asia and the southern and eastern Mediterranean. Since the EBRD's establishment in 1991, the bank has grown to be the largest financial investor in their region of operations. The EBRD is owned by 64 countries, the European Union and the European Investment Bank. The EBRD's very strong...