RE:RE:RE:RE:RE:feed-stockThe Glencore loan agreement is on page 23.
LIBOR +5%. base payin is $0.13
(a) On July 15, 2019, the Company issued 612,800 DSUs to directors in lieu of cash compensation they would have been entitled to for the second quarter of 2019. An additional 76,563 DSUs were issued to certain officers of the Company in lieu of incentive payments. These same officers agreed to a 5% reduction in their base salaries to reduce the Company’s cash outflows. The Company and certain insiders also agreed to cancel 1,283,482 incentive stock options.
(b) On August 26, 2019, The Company executed a US$5 million loan agreement with Glencore to fund the next phase of key activities for the First Cobalt Refinery. The proceeds were received as a single payment upon closing and will be used for metallurgical testing, engineering, cost estimating, field work and permitting activities. The basic terms of the loan arrangement are outlined below: • US $5 million principal amount as a single payment which was received on closing • Maturity of two years, with the Company having the right to extend this term by an additional year • Interest rate of LIBOR + 5%, payable semi-annually in arrears until maturity • The Company has the ability to defer interest by adding it to the principal amount outstanding on each interest payment date • Glencore has the option to convert the full balance owing at maturity into common shares of the Company at a 15% discount to the 10-day volume weighted average trade
The DSU's and PSu's are noted... cause it is free cash to directors.. not salary.
Still looking for insider share holdings presently..... not a year ago..
Let's hope the directors are confident enough to put their OWN money into this.