Home » , , » Miner gets $1M bridge loan

Miner gets $1M bridge loan

Canadian miner MBMI Resources, Inc. has secured a $1-million loan from a European bank to fund nickel exploration projects in southern Luzon and eastern Visayas.

"[Global Capital Corp.] has advanced $1 million to MBMI in the form of a secured two-year convertible debenture," the miner told the Canadian bourse.

The loan, which has an interest rate of 10% per year, is the first tranche of a $3-million transaction arranged by MBMI.

The miner is exploring four nickel properties in Palawan, four in Samar, and one in Dinagat Island. MBMI and its local partners control nickel laterite projects covering about 22,000 hectares.

"MBMI’s objective is to become a major supplier of high-grade nickel material to primary industrial consumers in Asia," said MBMI President Michael T. Mason.

Nickel prices for cash buyers on Friday closed at $8.792 per pound, higher than the $6 per pound in the first quarter, data from the London Metal Exchange showed.

"MBMI has invested significant funds into infrastructure and the development of nickel projects over the last few years, and these funds will restart nickel material shipping operations," said Global Capital Chief Executive Jason Ewart.

The loans allow Global Capital to convert the debt to MBMI shares at a fixed conversion price of $0.10 per share. "As additional consideration for providing the bridge loan, Global Capital was issued 1.6 million common shares of MBMI at a deemed price of $0.0625 and paid a $10,000 structuring fee pursuant to the debenture," the miner said.

Global Capital is a European merchant bank that provides bridge loan services to companies engaged in oil and gas, mining, real estate, manufacturing, retail, and financial services.

MBMI and Global Capital plan to immediately close a second tranche under the loan agreement, which will see Global Capital advance up to $2 million, with MBMI issuing up to 3.2 million common shares. — Neil Jerome C. Morales, Business World
Share:

No comments:

Popular Posts

Featured

Siargaonon women surfers dominate Pilipinas Surfing Nationals in Baler

Three Siargaonon women surfers went victorious during the Pilipinas Surfing Nationals  Leg 2 in Baler, Aurora recently. Nilbie Blancada (C...

Home Top Ad

Post Top Ad

Archive

Car News

{getPosts} $results={4} $label={Cars} $type={block2}

Post Bottom Ad

Responsive Ads Here

Fashion

News

Food

Sports

Food

Technology

Featured

Videos

نموذج الاتصال

Name

Email *

Message *

About Us

There are many variations of passages of Lorem Ipsum available.

Popular Posts

Categories

Blog Archive

Recent Posts

Unordered List

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aliquam tincidunt mauris eu risus.
  • Vestibulum auctor dapibus neque.

Sample Text

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation test link ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate another link velit esse cillum dolore eu fugiat nulla pariatur.

Pages

Theme Support

Need our help to upload or customize this blogger template? Contact me with details about the theme customization you need.
Copyright © SURIGAO Today | Powered by Blogger