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Treasury Metals Provides Corporate Update on Term Loan Maturity Date Extension and on the Weebigee Gold Project
Treasury Metals Provides Corporate Update on Term Loan Maturity Date Extension and on the ...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n\n\n\nTreasury Metals Provides Corporate Update on Term Loan Maturity Date Extension and on the Weebigee Gold Project\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\nTORONTO, Nov. 26, 2018\n\n\n\nTSX:TMLOTCQX: TSRMF\n TORONTO, Nov. 26, 2018 /CNW/ - Treasury Metals Inc. (TSX: TML) (\"Treasury Metals\" or the \"Company\") is pleased to announce the Company has entered into a binding term sheet with Extract Capital Master Fund Ltd. and Extract Lending LLC (together \"Extract\") to extend the maturity date of the Company's existing convertible term loan (the \"Term Loan\") for three years (the \"Loan Amendment\"). \nThe Loan Amendment will amend the maturity date of the Term Loan, extending it for a period of three years from the effective date of closing that is anticipated to be on or about November 30, 2018. As part of the Loan Amendment, Extract has also agreed to assume the US$2.2 million portion of the US$4.4 million facility previously held by Loinette Company Leasing Ltd. which has agreed to an early payout without penalty. The terms of the Loan Amendment will be subject to TSX approval.\nPursuant to the terms of the Loan Amendment, the Term Loan shall be convertible at the election of Extract into common shares in the capital of the Company (the \"Common Shares\") at a conversion price of C$0.36 per Common Share, representing approximately a 50% premium to the closing price of the Common Shares (November 23, 2018), which is the closing date of entering into the binding term sheet. \nAll other terms of the Term Loan will remain unchanged.  \nAs consideration to Extract for entering into the Loan Amendment, the Company will pay Extract the following: (a) an extension fee of US$110,000, and (b) issue to Extract an aggregate of 600,000 common share purchase warrants (the \"Warrants\"), entitling Extract to purchase Common Shares at an exercise price of C$0.40 per Common Share for a three-year term. The Company may compel Extract to exercise the Warrants if the volume weighted average price of the Common Shares of the Company is C...