Luckyup Investment Transfers CaNickel Mining Loan Agreements

- October 17th, 2014

CaNickel Mining (TSX:CML) announced that Luckyup Investment Limited has transfered all of its present and future right, title and interest in and to the loan facility agreement and its related amendments to Hebei Wenfeng Industrial Company. Hebei Wenfeng is the largest beneficiary shareholder of CaNickel.

CaNickel Mining (TSX:CML) announced that Luckyup Investment Limited has transfered all of its present and future right, title and interest in and to the loan facility agreement and its related amendments to Hebei Wenfeng Industrial Company. Hebei Wenfeng is the largest beneficiary shareholder of CaNickel.

As quoted in the press release:

The loans matured on July 22, 2014 bearing a coupon rate of 12% per annum, compounded semi-annually, and have no conversion feature. Immediately after the transactions, all loans payable of the Company are owed to Hebei Wenfeng, in the principle amount of US$30.0 million plus accrued interest of approximately US$11.6 million. All loans have matured and now are due upon demand.

The Company also received a notice from Hebei Wenfeng that Hebei Wenfeng is to forgive the Company a total of US$3,500,000 interests, which representing the interests incurred in 2014 arising from the loans payable to Hebei Wenfeng.

Click here to read the CaNickel Mining (TSX:CML) press release

See this press release on Marketwire

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