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Meridian Increases Loan Facility to Fund First Phase of Gold Drilling Program
Meridian Increases Loan Facility to Fund First Phase of Gold Drilling Program Cana...
About this update from Meridian Mining Plc
[{"type":"text","content":"\n\n\n\nMeridian Increases Loan Facility to Fund First Phase of Gold Drilling Program\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\nLONDON, Aug. 23, 2017\n\n\n\nLONDON, Aug. 23, 2017 /CNW/ - Meridian Mining SE (TSX V: MNO) (\"Meridian \" or the \"Company\") today announced it has increased the loan facility from The Sentient Group by US$500,000. The proceeds from the loan will be used to evaluate Meridian's Gold Project in Espigão do Oeste, Rondônia.\n\n\"The increase in the loan facility reflects the confidence in the exploration targets being defined in Rondônia,\" said Anthony Julien, President and CEO of Meridian. \"The proceeds will be used to fund our drilling and trenching program and to extend soil geochemical coverage, which remains open. Rondônia represents an exciting frontier for early stage exploration.\" \n\nMeridian first identified gold anomalies at its 100 per-cent owned Espigão do Oeste project during stream geochemistry in 2016, as discussed in the news release dated July 19, 2016. The Company announced that it had initiated bedrock evaluation with a trenching program on  June 14, 2017, and announced it ha commenced drilling at the Coice de Cobra gold target on August 1, 2017.\n\nThe Sentient Group has agreed to increase the non-arm's length loan facility by US$500,000 to US$7,500,000. All other terms remain the same. The loan bears interest at a rate of 10% per annum and matures on April 30, 2018. \n\nThe amendment of the loan facility constitutes a \"related party transaction\" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\").  The transaction is exempt from the valuation and minority approval requirements of MI 61-101 in accordance with sections 5.5(a) and 5.7(a), respectively, by virtue of the fact that the value of the loan is less than 25% of the Company's market capitalization.  \n\nOn behalf of the Board of Directors ofMeridian Mining SE\n\n\"Anthony Julien\"Anthony JulienPresident, CEO and Director...