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Lions Bay announces new loan facility and board change
Lions Bay announces new loan facility and board change Canada NewsWire VANCOUVER...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"\n\n\n\nLions Bay announces new loan facility and board change\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 15, 2018\n\n\n\nVANCOUVER, March 15, 2018 /CNW/ - Lions Bay Capital Inc. (TSX-V: LBI) (\"Lions Bay\" or \"the Company\") is pleased to announce that Lions Bay has entered into a loan agreement arranged by Riverfort Global Capital Ltd. on behalf of Cuart Investments PCC Ltd. (the \"Lender\") for a secured loan facility to be drawn in tranches up to an aggregate loan amount of $5,000,000.  The initial tranche drawdown will be $1,000,000.  The proceeds of this loan will initially be used by the Company for its support in restructuring Montan Mining Corp. as announced on February 21, 2018.  The remainder of the loan facility will also be available to support other investments that may be made by Lions Bay. \n\nThe initial tranche has a term of one year and all subsequent tranches shall mature on a date that is 12 months after the advance of such subsequent tranche, with the intital tranche of $1,000,000  being repayable within one year in installments of $250,000 plus accrued and outstanding interest 120 days from the initial advance, $150,000 plus accrued and outstanding interest 180 days from the initial advance, $250,000 plus accrued and outstanding interest 270 days from the initial advance and the remaining balance plus any accrued and outstanding interest twelve months from the initial advance.  The loan bears interest at 12% per annum and is subject to implementation fees of 5% on each advance and a commitment fee of $25,000.  The loan is secured by a guarantee from the Company's wholly owned subsidiary, Pan Andean Capital Pty Ltd. (\"Pan Andean\") and a pledge by Pan Andean of certain of the investments held by Pan Andean.\n\nSubject to approval of the TSXV, upon each advance under the loan facility the Company will also issue warrants to the Lender exercisable into such number of common shares of the Company equal to 45% of the advance divided by the applicable Market Price (as defi...