Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) executed an amendment agreement to the Subscription Agreement dated February 26, 2012 between the Company, Sangdong Mining Corp., and IMC, which states that IMC will acquire a 25% interest in Sangdong for aggregate consideration of $35 million. The Company also executed an Amended and Restated Bridge Loan Agreement in respect of the original $5 million bridge loan advanced by TaeguTec Ltd. on February 26, 2012.
As quoted in the press release:
Pursuant to the Amended Loan Agreement, the maturity date of the original loan has been extended to the earlier of the closing of the strategic transactions with IMC or February 26, 2014 and TaeguTec has agreed to make two further advances of term loans to Sangdong, such that the aggregate amount outstanding under the Amended Loan Agreement, including capitalized interest and accrued, unpaid and uncapitalized interest on the original $5 million advance to date, shall be $10 million when such additional advances are made. The initial additional advance of $500,000 has been funded and the second further advance of approximately $4.2 million will be funded within eight business days, subject to the satisfaction of certain conditions.