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| Home : Tanzanian Royalty Successfully Negotiates $1.53 Million Dollar "Bullion Loan" to Facilitate Production Ramp-Up |
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Jul 09
2015 |
Tanzanian Royalty Successfully Negotiates $1.53 Million Dollar "Bullion Loan" to Facilitate Production Ramp-Up |
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TORONTO, ONTARIO--(Marketwired - July 8, 2015) - Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the "Company") is pleased to announce that, as part of its forward-path to the development of multiple cash flows from multiple, simultaneous, projects in the United Republic of Tanzania, it has successfully secured unrestricted $1.53 million dollar "bullion loans."
Under the terms of the loan agreements, the bullion loans for a period of one year are subject to renewal and carries an 8% interest rate payable quarterly. The bullion loans may be repaid in cash or common shares of the Company or gold in specified form. If the bullion loans are paid back by bullion, the valuation date for such bullion will the date of the loan agreements. The bullion loans may be converted into common shares of the Company at the sole discretion of the lenders at an exercise price of US$0.27658 per share. Interest is payable quarterly, either in cash or in shares at a price of US$0.27658 per share. There is no prepayment penalty. |
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| Source:http://www.marketwired.com/mw/release.do?id=2036778&sourceType=3 |
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