03:41:04 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Standard Tolling Corp (2)
Symbol TON
Shares Issued 40,903,851
Close 2015-03-05 C$ 0.17
Market Cap C$ 6,953,655
Recent Sedar Documents

Standard Tolling arranges $2.25-million placement

2015-03-06 07:16 ET - News Release

Mr. Leonard Clough reports

STANDARD TOLLING PLANS ORE PURCHASE FINANCING

Standard Tolling Corp. has arranged a non-brokered private placement of units to raise gross proceeds of up to $2.25-million. The net proceeds of the financing will be segregated and used to finance and maintain a minimum of two months inventory ore purchases and a $250,000 (U.S.) installation of carbon stripping on the toll milling plant, located in Huamachuco, Peru. Construction and upgrades will continue after the financing closes.

Leonard Clough, chief executive officer of the company, stated: "The completion of this financing will mark a major milestone for Standard Tolling. It will provide the company the necessary capital to commence our ore buying strategy and begin stockpiling. We would like to give special thanks to the agents who are working with us to tailor make a debt solution that provides us with maximum financial flexibility going forward."

Each unit of the financing will comprise one ore purchase note of the company priced at $1,000 (U.S.) and 500 share purchase warrants subject to a minimum purchase of 50 notes. The notes shall bear interest at a rate of 10 per cent per year payable quarterly in arrears, and shall entitle the holders thereof to a further pro rata payment representing an aggregate of 2 per cent of net revenues from the company's toll processing facility in Peru upon the commencement of commercial production. The notes will mature three years from the date of issue. The company will have the right (upon 90 days prior written notice to the affected holder) to redeem notes in part or in full at a price of $1,100 (U.S.) per each redeemed note plus payment of all accrued amounts due in respect of the redeemed notes. The holders of the notes shall be granted certain security in respect of the company's ore purchases. In addition, the purchasers of the notes shall be granted pre-emptive rights during the time they hold the notes to participate in any future debt securities of the company where the principal purpose of financing the purchase of ore.

Each whole warrant will entitle the holder to acquire one additional common share in the capital of the company until the date which is five years following the closing date (which is expected to be on or about March 15, 2015) at a price of 25 cents per warrant share.

The financing is subject to compliance with applicable securities laws and to receipt of regulatory approval. The company may pay up to 10 per cent of gross proceeds to eligible finders.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.