Malaga Inc. Enters Loan Agreement with a Peruvian Bank

Malaga Inc. (TSX:MLG,OTCQX:MLGAF) entered into a $2 million loan agreement with a Peruvian bank for a term of 36 months secured by the real estate in Lima. Malaga is in receipt of the amount of $1.5M.

As quoted in the press release:

Malaga has entered into a contract to sell all the copper by-product it currently has at the Pasto Bueno mine. This transaction should be completed by the end of the current year. As well, Malaga reimbursed the $1.0M CDN note payable plus accrued interest on the maturity date, November 30, 2012, as part of its asset monetization program.

Malaga President and CEO Pierre Monet said:

The repair of the hydro-electric line and the bank financing are the initial steps to get back into operations. The mine plan was reviewed and once we secure the necessary financing, we intend to restart production” said “We continue to work closely with our stakeholders to mitigate the consequences of suspending our operations.

Click here to read the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) press release

See this press release on Marketwire
Click here to see the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) profile.

Get the Latest Tungsten Investing Stock Information

Get the latest information about companies associated with Tungsten Investing delivered directly to your inbox.


By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.


Leave a Reply