The Conversation (0)
Huldra Silver Inc. (TSXV:HDA) announced that the Credit Agreement with Waterton Global Value, L.P. dated June 16, 2011, and amended on May 16, 2012, has been amended for a second time.
Huldra Silver Inc. (TSXV:HDA) announced that the Credit Agreement with Waterton Global Value, L.P. dated June 16, 2011, and amended on May 16, 2012, has been amended for a second time.
As quoted in the press release:
Under the terms of the Amending Agreement, Waterton has agreed to amend the repayment terms of the Credit Agreement such that the repayment amount owing on July 31, 2012 is $nil, effectively resulting in the first repayment date under the Credit Agreement being the last business day of August, 2012, with the maturity date remaining as April 30, 2013. The Amending Agreement also reduces the amounts of the August and September 2012 payments by over fifty percent. In consideration for the amendments provided for the Company’s benefit under the Amending Agreement, the Company has agreed to: (i) issue 180,000 common shares of the Company (the “Consideration Shares“) to Waterton; and (ii) pay to Waterton a $200,000 cash payment (the “Cash Consideration“) on the last day of the Repayment Period (as defined in the Credit Agreement).
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Ryan Sharp, President and CEO of Huldra, commented:
We are extremely pleased with the strong working relationship we have developed with Waterton. This mutually beneficial agreement allows for the completion of mill construction without any change to the mining or exploration programs.
Click here to read the full press release.
