OTCQX:BGMZF - Post by User
Post by
yaponskion Feb 28, 2014 1:08pm
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Post# 22265053
Sprott Takes a Slightly Bigger Bite
Sprott Takes a Slightly Bigger BiteFrom today's news release...
The Company and its subsidiaries have also agreed with 2176423 Ontario Limited (the “Lender”) to
extend the effective date of the $1,500,000 minimum working capital requirement from February 1, 2014 to August 1, 2014 (the “Working Capital Covenant Extension”) under the $15 million gold loan facility (the “Facility”) governed by the credit agreement dated October 8, 2013. In connection with the Working Capital Covenant Extension, the Company has agreed to increase the notional amount of gold delivered to the Lender as repayment of the Facility by 45 ounces of gold over the life of the Facility, to increase the maximum reference price of gold from $1,600 to $1,650 per ounce for the purpose of calculating the repayment amounts as well as the mandatory prepayment amounts under the Facility and to increase the reference price of gold from $1,600 to $1,650 per ounce for the purpose of calculating the voluntary prepayment amounts under the Facility.