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I embedded my questions within the August 29 news release in red.
GALWAY RESOURCES LTD. ENTERS INTO CREDIT AGREEMENT FOR $10 MILLION
TORONTO, Aug. 29, 2012 /CNW/ - Galway Resources Ltd. (TSXV: GWY) ("Galway")
"...Upon satisfaction of such conditions precedent, (Was the main condition to satisfy land holders? Which has been done.) Galway intends to make a drawdown of C$9,000,000 (Why only $9Million? This was used to payoff the title holders? What adds up to this amount?) of the Credit Facility, and is entitled to make additional monthly drawdowns up to the aggregate principal amount of the Credit Facility for the purpose of paying interest and fees (So the remaining $1Million covers interest/fees for?). The Credit Facility does not require a charge on the assets of Galway or its subsidiaries (Who does subsidiaries pertain to?) or a pledge of the shares of Galway or its subsidiaries.
Anybody know the answers to these questions? Maybe stripping this news release will reveal something?