Business
Minera IRL Announces Settlement with COFIDE
LIMA, Peru, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Minera IRL Limited ("Minera IRL" or the "Company"), (BVL:MIRL) (CSE:MIRL) is pleased to announce that it has settl
About this update from Minera Irl Limited
[{"type":"text","content":" LIMA, Peru, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Minera IRL Limited (\"Minera IRL\" or the \"Company\"), (BVL:MIRL) (CSE:MIRL) is pleased to announce that it has settled its dispute with Corporacion Financiera de Desarrollo (COFIDE), opening a clear path forward to fund and complete its flagship Ollachea gold mine. In the settlement agreement, which was formally approved by COFIDE’s Board of Directors late Tuesday, November 10, 2020, the parties have agreed that: The Company owes COFIDE US$70 million in principal and US$ 31.9 million of accrued interest (calculated to November 10, 2020) pursuant to the 2015 Bridge Loan. COFIDE owes the Company US$34.2 million in principal pursuant to the September 2019 Arbitration Award, plus interest at the rate set by the Central Reserve Bank of Peru from July 17, 2017 to the date of payment. The amounts due will be offset, and the Company will pay the net balance to COFIDE within 36 months. COFIDE will withdraw its legal claim for annulment of the Arbitration Award. Diego Benavides, the Company’s Chief Executive Officer, stated: \"The Board of Directors of both parties have approved this settlement, which has gone a long way toward repairing and refreshing our relationship with COFIDE and opened the path to completion of Ollachea. These are truly exciting times and we are looking forward to focusing our energy on financing and finishing construction of our Ollachea gold project.” FOR FURTHER INFORMATION, PLEASE CONTACT: Minera IRL Limited Gerardo Pérez +51 1 418 - 1230 Executive Chairman Diego Benavides +51 1 418 - 1230 CEO and Director No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. Cautionary Statement on Forward-Looking Information Certain information in this press release, including information about the Company’s expectation that it will sign a formal settlement agreement with COFIDE and the terms and timing of that agreement, and the Company’s ability to fund and complete the Ollachea Project, are forwardlooking statements. Forward-looking statements are based on assumptions. Although management believes that these assumptions and statements are reasonable in the context in which they are made, forward-looking statements are inherently subject to political,...