Business
PPX Mining Restructures Its Gold and Silver Purchase Agreement with RIVI Opportunity Fund LP
TORONTO, ON / ACCESSWIRE / February 21, 2023 / PPX Mining Corp. (the " Company " or " PPX ")...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Mining Restructures Its Gold and Silver Purchase Agreement with RIVI Opportunity Fund LPTORONTO, ON / ACCESSWIRE / February 21, 2023 / PPX Mining Corp. (the \" Company \" or \" PPX \") is pleased to announce that it has entered into an amended and restated gold and silver purchase agreement (the \" Amended and Restated GPA \") with RIVI Opportunity Fund LP (\" RIVI \"), whereby the Company and RIVI have agreed, subject to receipt of TSX Venture Exchange approval, to restructure the Company's streaming and payment obligations under the original gold and silver purchase agreement dated October 10, 2016 between the Company and RIVI, as amended (the \" Original GPA \").The Amended and Restated GPA provides for the following material changes to the Original GPA:Convertible Debenture: The due and outstanding balance of US$ 5,399,946 owing to RIVI under the Original GPA as at September 30, 2022 will be entirely satisfied by the issuance by the Company of a secured convertible debenture to RIVI for this amount (the \" Convertible Debenture \"). The Convertible Debenture will mature on the third anniversary of the date of issue and bears interest at a rate of 5% per annum, payable semi-annually. RIVI may convert all or any part of the principal amount outstanding into common shares in the capital of the Company (the \" Shares \"), at a conversion price of US$0.04 per Share (subject to adjustment), subject to a restriction on any conversion which would result in RIVI owning, on a post-conversion basis, more than 19.9% of the outstanding Shares with the approval of the TSX Venture Exchange. The Company may prepay all or any portion of the Principal Amount without penalty. The obligations under the Convertible Debenture will be secured by the same security package granted under the Original GPA (and which continue under the Amended and Restated GPA). Removal of Default NSR Royalties: In the Amended and Restated GPA, all default provisions under the Original GPA that would have required the Company to grant to RIVI a net smelter returns royalty will be eliminated (including any net smelter returns royalties that RIVI may have earned prior to the entering into of the Amended and Restated GPA). Restructuring of Stream Obligations: The Original GPA contemplated monthly delivery obligations to RIVI equal to 10% of the gold equivalent ounces ...