The Conversation (0)
Puget Ventures (TSXV:PVS) entered into a Convertible Loan Agreement with Imperial Mining Holding Limited for US $4,670,000. The loan proceeds may be advanced in one or more tranches and are subject to the satisfaction of the Lender conditions precedent.
As quoted in the press release:
The proceeds will be used in order to repay a part of indebtedness owing and for working capital. As per the Agreement US $3,000,000 of the Convertible Loan will be used by Global Cobalt to advance the Karakul Cobalt Project and neighbouring cobalt-tungsten and precious metal Altai Sister Projects (the “Properties”) in a 2013 work program. On May 28, 2013, the Company announced that it had entered into an earn-in option agreement with IMHL, pursuant to which the Company may earn up to a 100% interest in and to the Properties. The completion of the transactions contemplated under each of the earn-in option agreement and the Convertible Loan are subject to the prior approval of the TSXV.
Click here to read the Puget Ventures (TSXV:PVS) press release