Business
Rusoro Announces Promissory Note Financing Of U.S. $5,500,000, Closing Of Transfer Of Existing Debt And Appointment Of New CFO
Rusoro Announces Promissory Note Financing Of U.S. $5,500,000, Closing Of Transfer Of Exis...
About this update from Rusoro Mining Ltd.
[{"type":"text","content":"\n\n\n\nRusoro Announces Promissory Note Financing Of U.S. $5,500,000, Closing Of Transfer Of Existing Debt And Appointment Of New CFO\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\nVANCOUVER, Feb. 3, 2017\n\n\n\nTrading symbol (TSX-V): RML\n\n\n\nVANCOUVER, Feb. 3, 2017 /CNW/ - Rusoro Mining Ltd. (the \"Company\" or \"Rusoro\")  announces that it has raised an aggregate of U.S. $5,500,000 (the \"Subscription Amount\") through the issuance of non-interest bearing promissory notes. The notes will become due and payable as to three times the Subscription Amount on the date that is ninety (90) days from the date that Rusoro receives its first payment from the Bolivarian Republic of Venezuela in respect of the award (the \"Award\") issued on August 22, 2016 by the Arbitration Tribunal operating under the Additional Facility Rules of the World Bank's International Centre for the Settlement of Investment Disputes in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela. The Award, plus accrued interest, is in excess of U.S. $1.2 billion. Rusoro continues to explore all opportunities to enforce and collect this Award. Proceeds from the note financing have been used to settle existing debt of approximately U.S. $3,660,000 and the balance of approximately U.S. $1,840,000 will be used for working capital.\n\nRusoro also announces that its existing secured debt of U.S. $30,000,000 plus accrued interest has been transferred from the existing debt holders to a new group of investors. Rusoro bought U.S. $250,000 of this debt and it has been retired. The remaining U.S. $29,750,000 is in default, however the new investors have become parties to a Creditors and Shareholders Agreement dated June 14, 2012 pursuant to which they have agreed not to take any steps or actions to exercise their rights and remedies against the Company until the expiration of a standstill period, which is expected to end when the Company receives payment of the Award. Rusoro received a net amount of approximately U.S. $865,000 from the proceeds of this transf...