Marengo Obtains US$3 Million Loan from Its Major Shareholder
29.04.2014 | Marketwire
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.TORONTO, ONTARIO -- (Marketwired - April 29, 2014) - Marengo Mining Limited ("Marengo" or the "Company") (TSX:MRN) (ASX:MMC) (POMSoX:MMC) is pleased to announce that, the Company (together with its wholly owned subsidiaries, Marengo Mining (PNG) Limited and Yandera Mining Company Limited) has signed a loan agreement (the "Loan Agreement") with its major shareholder, Sentient Executive GP IV, Limited for the General Partner of Sentient Global Resources Fund IV, L.P. (collectively, "Sentient").
Under the terms of the Loan Agreement, Sentient will provide Marengo with a loan facility of US$3,000,000 (the "Loan"). The Loan accrues interests monthly at a rate of 9% per annum, payable quarterly. The maturity date of the Loan is December 31, 2014.
Subject to applicable shareholder and regulatory approvals, the principal and interest accrued on the Loan may be payable by the Company through the issuance of common shares or other securities convertible into common shares of Marengo.
The Company expects to use the funds obtained from the Loan to fund its working capital requirements and for general corporate purposes.
COMPANY NO. 822513-3 / ARBN: 161 356 930
MARENGO MINING (AUSTRALIA) LIMITED (ABN: 57 099 496 474)
YANDERA MINING COMPANY LIMITED (COMPANY NO. 1-53202)
MARENGO MINING (PNG) LIMITED (COMPANY NO. 1-76844)
CONTACT INFORMATION
Marengo Mining Limited
Pieter Britz, President & CEO
+1 416 8442377
marengo@marengomining.com
Dean Richardson, Corporate Secretary and VP-Investor Relations
+1 647 3282449
deanr@marengomining.com
www.marengomining.com