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Enter Symbol
or Name
USA
CA



Mindoro Resources Ltd
Symbol MIO
Shares Issued 297,437,399
Close 2014-12-16 C$ 0.035
Market Cap C$ 10,410,309
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Mindoro Resources borrows $500,000 from TVI

2014-12-17 14:24 ET - News Release

Ms. Penny Gould reports

MINDORO ANNOUNCES $500,000 FINANCING ARRANGEMENT

Mindoro Resources Ltd. has arranged for a $500,000 bridge loan from TVI Resource Development (Phils.) Inc. with the following key terms:

  • Interest rate of 8 per cent per annum;
  • Principal and accrued interest will be due on the earlier of Jan. 31, 2015, or upon receipt of the proceeds from a proposed $2-million convertible debenture issue to TVIRD;
  • The loan will be secured by the shares of Mindoro's Filipino subsidiary, MRL Nickel Phils. Inc.;
  • Proceeds of the loan will be used to finance outstanding obligations to Minimax Mineral Exploration Corp., for the acquisition of Minimax's 25-per-cent interest in the Agata project, as announced on Aug. 15, 2014, and for outstanding obligations to Mindoro's former chief executive officer, Tony Climie, as well as for general working capital;
  • Upon maturity of the loan, Mindoro will reimburse TVIRD's legal expenses up to a maximum of $30,000.

Mindoro has also undertaken negotiations to issue a $2-million convertible debenture to TVIRD on similar financial terms as the interim loan, except with a two-year term and a conversion feature in accordance with the rules of the TSX Venture Exchange.

Mindoro has joint venture arrangements with TVIRD on the Agata and Pan de Azucar projects in the Philippines, as detailed in Mindoro's press release of Oct. 1, 2012. TVIRD is also owned by Prime Resources Holdings Inc. (68 per cent) and TVI Pacific Inc. (31 per cent), which also owns 26 per cent and 14 per cent, respectively, of Mindoro's issued and outstanding shares. As such, TVIRD is a non-arm's-length party, and any required regulatory approvals will be secured prior to finalizing the convertible debenture.

We seek Safe Harbor.

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