Business
Meridian Mining Receives New Loan Agreement and Executive Departure
Meridian Mining Receives New Loan Agreement and Executive Departure Canada NewsWir...
About this update from Meridian Mining Plc
[{"type":"text","content":"\n\n\n\nMeridian Mining Receives New Loan Agreement and Executive Departure\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. 20, 2018\n\n\n\nLONDON, Aug. 20, 2018 /CNW/ - Meridian Mining SE (TSXV: MNO) (\"Meridian\" or the \"Company\") today announced that that on August 17, 2018 it entered into a new loan agreement with Sentient Global Resources Funds IV LP (\"Lender\") pursuant to which the Lender made available to the Company a credit facility of USD 1,500,000 to fund the Company's manganese operations in Brazil and general working capital. The loan bears interest at a rate of 10% per annum and matures on September 30, 2019.\n\nThe proceeds from the Amendment will be used for:\n\n\nPurchasing or leasing of additional pre-screening equipment and ancillary equipment;\nDue diligence on new prospects outside of the Company's current tenements; and\nGeneral working capital.\n\nMr. Clark, Interim CEO & President, states that \"By working with the Espigão mining and processing teams, we have identified significant cost reductions associated with the production of the Manganese concentrate. The pre-screening of the mined material prior to hauling to the processing plants, removes 75% of the gangue material while minimizing manganese loss. The residual ~25% volume is then processed at the plants and produces an equivalent volume of Mn concentrate.\n\nThe Company is also evaluating the opportunity of adding Mn prospects to its current portfolio of properties.\n\nThe Company also announces that Mr. Carlos Braga will depart from the Company on September 30th, 2018. Mr. Braga has also resigned as COO. The Company thanks Mr. Braga for his years of service with Meridian and wishes him best in the future.\n\nThe loan 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...