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Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital
Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extrac...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n\n\n\nTreasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nTreasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital\nCanada NewsWire\nTORONTO, March 31, 2016\n\n\n\nTSX: TML\n\n\n\nTORONTO, March 31, 2016 /CNW/ - Treasury Metals Inc. (\"Treasury\" or the \"Company\") is pleased to announce it has entered into a binding term sheet with Loinette Company Leasing Ltd. (\"Loinette\") and Extract Capital Master Funds Ltd.  (\"Extract\") (together, the \"Lenders\"), with Extract acting as agent to the Lenders, to arrange a buy-out and increase of the existing loan facility with RMB Australia Holdings Limited (\"RMB\") due on June 20th, 2016 in respect of which CAD$5.0 million (approx. US$3.78 million) is currently outstanding and to further advance the project feasibility study and permitting for the Goliath Gold Project. The total financing to be provided by the Lenders (the \"Loan\"), including the amount to buy-out RMB, is US$4,400,000 (approx. CAD$5.7 million).\n\nThe closing date of the Loan is targeted to be in approximately 30 days (the \"Closing Date\") and remains subject to customary conditions and definitive legal documentation. \n\nThe key terms of the Loan are as follows:\n\n\nUS$4,400,000 secured Loan due 15 months from the Closing Date \nUS$2,200,000 principal amount of the Loan is convertible by the Lenders at any time, into the Company's common shares at C$0.588 per share, representing a 25% premium above the five-day volume weighted average price (\"VWAP\") based on the week end March 14, 2016 \nAverage interest rate of 7.75% per annum plus US 12-month LIBOR \nAn arrangement fee of US$175,000 on the Closing Date \nIssuance of 220,000 common shares on the Closing Date \nIssuance of 250,000 warrants on the Closing Date, each of which will entitle Extract, for a period of 3 years, to purchase a common share of Treasury at an exercise price of C$0.9408 per share representing a 100% premium...