Business
Salazar Announces Delay of Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 21, 2016) - Salazar Resources Ltd. (TSX VENTURE:SRL) (FRANKFURT:CCG) (the "Company") - Mr. Fredy Salazar, Pres
About this update from Salazar Resources Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 21, 2016) - Salazar Resources Ltd. (TSX VENTURE:SRL) (FRANKFURT:CCG) (the \"Company\") - Mr. Fredy Salazar, President and CEO announces that further to the Company's news release of April 6, 2016, closing of the proposed US$1,050,000 unit private placement financing (the \"Private Placement\") forming part of the Company's recapitalization plan has been delayed until the Company and its lead investor, Resource Capital Fund VI L.P. (\"RCF VI\"), have resolved certain of the conditions precedent. Under the recapitalization plan, in addition to the Private Placement, the Company is to sell a 2% net smelter returns royalty interest in its Curipamba project for US$4,750,000 (the \"Royalty Sale\"). In conjunction with and as a condition of the Private Placement and Royalty Sale the Company has negotiated agreements in principle with certain creditors, including arm's length creditors as well as employees and directors, to settle unpaid debts (the \"Debt Conversion\") including debt arising from cash previously advanced and for accrued and unpaid compensation. Please refer to the Company's news release of April 6, 2016 for further particulars in respect of the Private Placement and other aspects of the recapitalization plan. About Resource Capital Funds Resource Capital Funds (\"RCF\") is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 148 mining companies, with projects located in 47 countries and across 29 commodities. Further information about RCF can be found on its website (www.resourcecapitalfunds.com). RCF has a strong team of investment professionals, with wide ranging industry and technical expertise and a demonstrated history of investments in mining globally. RCF's track record is based on its ability to pick technically and commercially compelling assets and support management to achieve desired outcomes whilst remaining throughout a source of patient capital. RCF aims to partner with companies to build strong, successful and sustainable businesses and in doing so strives to earn superior returns for all shareholders. About Salazar Resources Limited Salazar Resources Ltd. is a publicly-listed (TSX VENTURE:SRL)...