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| Home : Liberty Silver Corp. Announces Closing of US$1,250,000 Loan Facility and Debt Settlement |
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Oct 18
2014 |
Liberty Silver Corp. Announces Closing of US$1,250,000 Loan Facility and Debt Settlement |
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TORONTO, ONTARIO--(Marketwired - Oct. 17, 2014) - Liberty Silver Corp. ("Liberty" or the "Company") today announced that it has amended and restated its agreement in relation to an existing US$1,210,000 principal amount secured loan facility (the "Original Loan") made available by BG Capital Group Ltd. ("BGCG"). Under the terms of the revised agreement, BGCG has made available to the Company a committed non-revolving term credit facility in the principal amount of US$1,250,000 (the "New Loan"), which shall initially bear interest at a rate of 11% per annum and which shall be secured by a charge on all of the assets of the Company. The Company has also repaid the indebtedness to BGCG under the Original Loan by converting the outstanding, aggregate total sum of the principal amount of the Original Loan, together with all accrued and unpaid interest thereon, being US$1,248,653.70 (the "Debt"), into 99,892,296 common shares of the Company ("Common Shares") at a deemed issue price of US$0.0125 per Common Share, in full satisfaction of the Debt under the Original Loan. |
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| Source:http://www.marketwired.com/mw/release.do?id=1958820&sourceType=3 |
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