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Lion One Metals Chairman Walter Berukoff Announces Red Lion Credit Facility, Corporate Update, and Fiji Operations Review
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2015) - Lion One Metals Limited (TSX VENTURE:LIO)(ASX:LLO)(OTCQX:LOMLF)(FRANKFURT:LY1), ("Lion One" o
About this update from Lion One Metals Limited
[{"type":"text","content":" NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2015) - Lion One Metals Limited (TSX VENTURE:LIO)(ASX:LLO)(OTCQX:LOMLF)(FRANKFURT:LY1), (\"Lion One\" or the \"Company\") announces that Red Lion Management, a private merchant banking company owned by Lion One Chairman and CEO Walter Berukoff, has agreed to provide a bridge loan facility (\"Credit Facility\") to the Company to be utilized for working capital at the Company's 100% owned and fully permitted high grade Tuvatu Gold Project, located on the island of Viti Levu in Fiji on the South Pacific Ring of Fire. The Company is also pleased to provide the following corporate update and review of its operations in Fiji: Red Lion Credit Facility Ground Mobilization and Site Preparation Project Optimization and Metallurgical Work Fiji Fuel Supplies Results from 2015 AGM Red Lion Credit Facility The Company has entered into an agreement with Red Lion for a non-arms' length Credit Facility consisting of an initial $500,000 line of credit to fund development expenditures at Tuvatu in Fiji and for general working capital. The Credit Facility will be available for drawdown in multiple tranches with interest payable at 9% per annum. The Credit Facility will be secured by a General Security Agreement granting an encumbrance over all assets of the Company and subordinate to subsequent acceptable credit facilities secured by the Company. Lion One will retain the right to prepay the Credit Facility at any time without penalty. The Credit Facility provides liquidity and financial flexibility to the Company as it evaluates financing alternatives. About Red Lion Management Red Lion is a merchant banking company owned by Mr. Berukoff, with diversified investments in real estate development, agriculture, mining, and private equity. In 2007, Red Lion acquired the Fijian asset base of Emperor Gold Mines of Australia, including the Tuvatu Gold Project, the operational Vatukoula Gold Mine, a greenfield exploration portfolio, and the Vatia Wharf diesel fuel storage and distribution facility. Emperor had invested an estimated $30 million advancing Tuvatu, and in 1999 completed approximately 1,600 meters of underground development to enable the collection of bulk samples for metallurgical, laboratory testwork, detailed mapping and sampling. In 2000 pre-feasibility and feasibility studies were ...