Business
Investment in Golden Sun Resources Ltd
Investment in Golden Sun Resources Ltd.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 0798C Mineral & Financial Invest. Limited 13 June 2019 \n\nMINERAL AND FINANCIAL INVESTMENTS LIMITED\nInvestment in Golden Sun Resources Ltd. via Secured Convertible Note\n \n \nHIGHLIGHTS:\n \n· Golden Sun's Bellavista Mine is permitted and expected to be in production in Q3-2019\n· Most recent historic resource estimate of about 1.0 million ounces of gold (22Mt @ 1.46g/t Au) \n· The Bellavista Mine produced gold at an annual rate of about 50,000 oz p.a in 2005-2007 period.\n· Investment valuation a very attractive $8/ounce of in-situ gold resources\n· Highly attractive convertible terms: 20% interest rate, five-year term and secured \n· Board and management team, with high levels of experience and significant investments in Golden Sun, pursuing a prudent, gradual, self-financing production expansion plan.\n \nGeorge Town, Cayman Islands - June 13th, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) (\"M&FI\" \"MAFL\" or the \"Company\") is very pleased to announce that it has made an investment in Golden Sun Resources Limited (\"Golden Sun\"). The investment in Golden Sun has been made by acquiring US$250,000 of the \"Series B Convertible Note\" of Golden Sun Resources Ltd., a company incorporated under the laws of the Cayman Islands which are being issued by Golden Sun. The notes mature on April 30, 2024. Interest shall be charged at the rate of 20% per annum, calculated monthly in arrears, and accrue on the outstanding Loan Amount and shall become payable upon Maturity. All Series B Convertible Notes shall rank pari passu without any preference or priority one over another and shall rank pari passu with the Series A Convertible Notes previously issued by the Company. The Series A Convertible Notes are held by the Board, management and a few people close to board members. The Company may, at its election, at any time after April 30, 2021 and up to the Maturity Date, upon the achievement of the performance objectives of achieving US$350,000 per month of cash flow for 3 consecutive months convert the notes in to shares. \n \nUpon full conversion today, and with no additional financing assumptions, MAFL's ownership interest in t...