Mawson West Ltd Ord MWSWF

I Side with Galena and their $33 Million Thrown @ MWE

[NycePrice]

Mawson West appoints Lloyd as interim CEO

2015-01-30 08:27 ET - News Release

 

Mr. Anthony Lloyd reports

MAWSON WEST ANNOUNCES CORPORATE RESTRUCTURING
 

No impact on the Galena financing package

As previously announced, Mawson West will hold an extraordinary general meeting of shareholders to approve components of the Galena financing package on Feb. 25, 2015, in Perth, Western Australia. Mawson West shareholders will shortly receive a notice of general meeting, explanatory memorandum (including the accompanying independent's expert's report) and management information circular, containing additional information about that general meeting. These materials are currently available on Mawson West's profile on SEDAR and on its website.

Mawson West confirms that the changes to the executive team have no impact on the Galena financing package and the independent expert has confirmed that the changes do not alter its opinion.

 

 

Mawson closes $19.3-million (U.S.) in financings

2014-12-19 09:52 ET - News Release

 

Mr. Bruce McFadzean reports

MAWSON WEST CLOSES FINANCING AND DEBT RESTRUCTURING PACKAGE

Mawson West Ltd. has completed portions of its previously announced transaction with Galena Private Equity Resources Fund LP, whereby Galena has provided the company with an immediate $19.3-million (U.S.) in financing. Galena has also agreed, subject to certain conditions, to backstop future additional financing efforts by Mawson West by subscribing for additional shares of Mawson West for a minimum of $8.64-million and up to $21.6-million. The total gross proceeds raised following completion of the additional financing will be approximately $33.4-million (U.S.). In addition, Galena's affiliate entity Trafigura Pte. Ltd., the company's current offtaker and senior lender, has provided additional financial assistance to the company through amendments to its prepayment facility with Trafigura, and an extension to the term of its offtake agreement with Trafigura.

Highlights:

 

• $5-million private placement by Mawson West of 41.67 million shares at a price of 12 cents per share to Galena Private Equity Resources Fund LP;
• $10-million (U.S.) secured loan facility from Galena to Mawson West, repayable in September, 2017, with interest of 12 per cent per annum, with 75.76 million warrants exercisable at 15 cents issued to Galena;
• $5-million (U.S.) unsecured bridge loan from Galena to Mawson West, repayable on or before Feb. 28, 2015, with interest of 12 per cent per annum, with 7.58 million warrants exercisable at 15 cents issued to Galena;
• Galena to backstop Mawson West by agreeing to purchase additional shares for a minimum of $8.64-million and up to $21.6-million at a price of 12 cents per share under contemplated future financing efforts by Mawson West;
• Maturity date of the Trafigura prepayment facility extended by nine months to June, 2017, $19-million (U.S.) in repayments deferred, and flexibility of proceeds account structure increased to assist with cash flow.
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