Stealth Ventures arranges $25-million (U.S.) loan 2013-04-01 05:05 ET - News Release
Mr. Subra Subramaniam reports
STEALTH VENTURES INC. ARRANGES FOR A US$ 25,000,000 DEBT FACILITY
Stealth Ventures Inc. has successfully arranged for $25-million (U.S.) loan facility from a private capital company based out of the United States, by executing a definitive agreement for the financing.
The loan facility is on a drawdown basis based on certain milestones and targets that are to be completed over a period of 12 months, from the date of closing. The loan facility is for a maximum period of 10 years from the date of first disbursement and will bear interest at 10 per cent per year, to be paid quarterly from the date of the second-year anniversary, from closing.
Stealth has committed to a broker's fee of 0.64 per cent and 215,000 share purchase warrants on certain terms and conditions that are being finalized.
The loan facility will be drawn down in instalments to finance Stealth's international business acquisition plans and for working capital purposes, including but not limited to its international operations, including conventional and unconventional resource opportunities in India and the Southeast Asia region.
The first tranche of the disbursement is subject to the completion of due diligence on the international assets and status of the acquisition being negotiated in India.
We seek Safe Harbor.