$3.5 M coming to MSQ - WGM News outInt'l Wayside receives $10-million loan for Cariboo
2006-12-29 14:10 ET - News Release
Mr. Frank Callaghan reports
BROKERED US$10,000,000 SENIOR SECURED DEBT FINANCING DECEMBER 29, 2006
International Wayside Gold Mines Ltd. has reached an agreement with Karver Capital Holdings Ltd., a private investment firm headquartered in Europe, for a brokered senior secured debt financing of $10-million (U.S.) in one or more tranches, led by Octagon Capital Corp. as agent. Conversion privileges relating to the loan (as described below) shall be subject to regulatory and shareholder approval.
Of the proceeds from this financing, $3.5-million will be used to pay the final amounts owing under the company's option agreement with Mosquito Consolidated Gold Mines Ltd. The company will then have sole ownership of the mineral claims at the heart of the Cariboo gold camp. The remaining proceeds will be used to settle all outstanding litigation, clear all liens on all properties, settle certain accounts payable and for general working capital purposes.