Business
Farallon Announces Extension of $25 Million Notes
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ Deregiste...
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\nUNITED STATES/\n\nDeregistering from the SEC Completed\n\n\nVANCOUVER, March 9 /CNW/ - Dick Whittington, President and CEO of\nFarallon Resources Ltd. ("Farallon" or the "Company") (TSX: FAN) announces\nthat the Company has extended by six months the maturity date for re-payment\nof the promissory notes (the "Notes") previously announced in the Company's\nSeptember 3, 2008 and September 9, 2008 press releases. The new maturity date\nof the Notes will be September 9, 2009. The $25 million Notes were raised\nthrough a private placement of Units (the "Units") arranged by Paradigm\nCapital and Wellington West Capital Markets Inc.\n\n\nEach Unit consisted of a $100,000 Note plus 8,000 Farallon common shares\n(aggregate 2,000,000 shares). The Notes were six-month promissory notes\nbearing interest at 15% pa and are secured by mining equipment. Under the\nterms of the Notes, the maturity date could be extended for a further six\nmonths through an issuance of another tranche of shares having the same\naggregate value as the initial tranche of shares. At today's prevailing market\nprice of Farallon's shares, this has resulted in the issue of an additional\n5,304,480 shares to the noteholders.\n\n\nOn a separate matter, the voluntary termination of the registration of\nFarallon's common shares under section 12(g) of the Securities Exchange Act of\n1934 (the "Exchange Act") previously announced in the Company's news release\ndated October 31, 2008 has been completed. As a result, Farallon is no longer\nsubject to the reporting obligations under the Exchange Act, including the\nobligation to file annual reports on Form 40-F and reports on Form 6-K. The\nCompany's shares are also no longer quoted in the United States on the\nOver-The-Counter Bulletin Board.\n\n\nFarallon has advanced the G-9 polymetallic (zinc, copper, silver, gold,\nlead) project at its Campo Morado Property in Mexico through a 'Parallel\nTrack' program. Surface facilities were largely completed in mid 2008,\nfollowed by mill commissioning and underground stope development during the\nbalance of 2008. The mine is currently in production and targeting reaching\ndesign capacity of 1500 tpd in March 2009. Vessel shipments of concentrates\ncommence...